By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The Securities and Exchange Commission (SEC) has approved a two (2) weeks extension for Pharma-Deko Plc’s N270 million rights issue.

The offer which opened December 17, 2014 was earlier scheduled to close January 30, 2015; but would now close on Friday, February 13, 2015.

The drugmaker sought to raise fresh funds by offering via a rights issue of 150 million ordinary shares of 50 kobo each at N1.80 kobo per share on the basis of three (3) new ordinary shares for every two (2) ordinary shares held as at the close of business on September 9, 2013 for those shareholders whose name appear on the Register of Members of the company.

Pharma-Deko said shareholders who wish to renounce their Rights partially or in full may trade their renounced Rights on the floor of the Nigerian bourse between these dates.

Also, it added that shareholders who wish to acquire additional shares over and above their provisional allotment may purchase renounced rights and/or apply for additional shares.

The drugmaker affirmed that ordinary shares not taken up by Allotees will be allotted on a basis to be determined by the directors of the company and cleared by the SEC to the existing shareholders who would have applied for additional shares over and above their provisional allotment under the terms of the offer.

Issuing house to the offer is Integrated Trust & Investment Limited.