May & Baker Nige­ria floats N2.45b rights is­sue

Weekly Trust - - News - Sun­day Michael Ogwu, La­gos

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.

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