National Wire About Nigerians, Nigerian Business and Other Stories
Directors of May & Baker Nigeria Plc and professional advisers to the healthcare company have signed off the offer documents for the company’s recapitalisation, paving the way for application list for the offer to open.
At a signing ceremony in Lagos, the board of the company, issuing houses and other professional parties rounded off the pre-offer processes with the formal signing of the offer documents including the rights issue circular, posters and other agreements.
The signing ceremony followed approval of the rights issue by the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE). Shareholders had in 2014 empowered the company to raise up to N3.2 billion new equity capital.
Capital Assets Limited and Compass Investments &Securities Limited are the stockbrokers to the rights issue while Cordros Capital Limited and Afrinvest (West Africa) Limited are the issuing houses. May & Baker Nigeria will be offering 980 million ordinary shares of 50 kobo each at N2.50 per share to existing shareholders.
The rights issue has been provisionally pre-allotted on the basis of one new ordinary share for every one ordinary shares held as at the close of business on Tuesday, September 4, 2018.
Photo Caption: Nnamdi Okafor, Managing Director May & Baker Plc
