May & Baker Nigeria floats N2.45b rights issue

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 applications to open.

At a signing ceremony, the board of the company, issuing houses and other professional parties rounded off the pre-offer processes with the formal signing including the rights issue circular, posters and other agreements.

The 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. Application list for the rights issue is scheduled to open on Monday October 15, 2018 and close on Wednesday November 21, 2018.

Chairman, May & Baker Nigeria Plc, Lt. Gen Theophilus Danjuma (rtd), recently told shareholders that directors of the company believed that the time is now right to raise the funds to enable the company harness new opportunities.