By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Oil marketing firm, Oando Plc on Thursday said it has extended the acceptance period of its $300 million (48.8 naira billion) rights issue by two (2) weeks January 28, 2015.
A statement from the dual listed company affirmed that its shareholders requested for an extension of the acceptance period as a result of the delay in receipt of their rights issue circulars as a result of the skeletal postal service during the 2014 end of year festivities.
“In this regard, an application was made to the Securities & Exchange Commission (SEC) to extend the closing date of the acceptance list and this has been approved accordingly. The acceptance list will therefore now close on Wednesday, 28th January, 2015,” the company added.
Oando further affirmed that receiving agents now have till Wednesday, February 11, 2015 to forward returns to the Registrars, First Registrars Nigeria Limited.
The company on Wednesday December 03, 2014 commenced its $300 million rights issue simultaneously both in the Nigerian Stock Exchange (NSE) and the Johannesburg Stock Exchange (JSE) Ltd.
The oil marketing firm priced its rights at N22 per share through the issuance of 2,217,265,184 ordinary shares of 50 Kobo each.
It also said the rights is on the basis of four (4) new ordinary shares for every ordinary share of 50 Kobo each held as at the close of business on Friday, 25 July 2014 for those shareholders whose names appear on the Register of Members and transfer books maintained in Nigeria and shareholders whose names appear on the Register of Members and transfer books of the company which are maintained in South Africa as at the close of business on the Friday October 28, 2014.
