May & Baker Nigeria Plc signed off the offer documents for the company’s recapitalisation, as it added that issue had 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 September 4, 2018.
The to offer 980 million ordinary shares of 50 kobo each at N2.50 per share to existing shareholders.
It added that the rights issue had 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 September 4, 2018.
The firm said in a statement that 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 of the offer documents including the rights issue circular, posters and other agreements.
It said the signing ceremony followed approval of the rights issue by the Securities and Exchange Commission and the Nigerian Stock Exchange.
The statement read in part, “Shareholders had in 2014 empowered the company to raise up to N3.2bn 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.
“Application list for the rights issue is scheduled to open on Monday, October 15, 2018 and close on Wednesday, November 21, 2018.”
The Chairman, May & Baker, Gen. Theophilus Danjuma (retd.), told shareholders that directors of the company believed that the time was right to raise the funds to enable the company to harness new opportunities.
He said, “Our rights issue will soon open and I hope shareholders will take up their rights to support our company in achieving its new vision. We shall all reap the rewards in the immediate future and beyond.
“The company has envisioned a new vision that will see it dominating the sub-Saharan Africa markets in line with its new vision of being the leading healthcare brand.”
According to Danjuma, the new five-year strategic plan of the company entails focus and expansion along the company’s competitive advantage of healthcare and will soon begin to establish footprint and seek dominance in this area in the SSA region.
He stated that the company was solidly on the path of growth and strong profitability, adding that the plan in the next few years was to focus on driving a new vision, strategic goals and establishing a footprint as a leading healthcare brand in sub-Saharan Africa.