UACN to close application for N15.4 billion rights issue Friday

Nigeria’s largest and oldest conglomerate, UAC of Nigeria (UACN) Plc is scheduled to close the application list for its ongoing N15.4 billion rights issue this Friday, December 22, 2017 giving shareholders some 48 hours to pick their rights.

UACN is raising N15.36 billion through a rights issue of 960.43 million ordinary shares of 50 kobo each at N16 per share. The new shares have been pre-allotted to existing shareholders on the basis of one new share for every two shares held as at the close of business on Thursday October 19, 2017.

The application list for the rights issue opened on November 15, 2017 and it is scheduled to close on Friday December 22, 2017. There are indications the conglomerate may not extend the offer period. After deduction of the estimated issue costs and expenses of N333.91 million, representing 2.2 per cent of the gross issue proceeds, the net issue proceeds is about N15.033 billion.

Photo Caption: UACN PLC LOGO