UACN Opens Rights Issue of 960,432,193 Ordinary Shares

UACN of Nigeria Plc, one of Africa Prudential’s client companies has opened a Rights Issue of 960,432,193 Ordinary Shares of 50 Kobo each at N16.00k per share on the basis of One (1) new Ordinary Share for every Two (2) Ordinary Shares of 50 Kobo each held as at the close of business on October 19, 2017.

The Offer opened on Wednesday, 15, 2017 and will be closing on Friday December 22, 2017. According to the Rights Circular issued by the company, the shares being issued shall qualify for any dividend (or any other distribution) declared for the financial year ending 2017, as long as the qualification date for the dividend (or any other distribution) declared is after the allotment of the ordinary shares now being issued.

In his letter to shareholders of the company, Chairman, Board of Directors, Mr. Dan Agbor  noted that the Board and Management of UACN have full confidence that the rights issue, which is intended to provide funding for some of the identified growth opportunities and facilitate an improvement in the performance of the company’s subsidiaries, will result in stronger earnings, cash flows, and ultimately, improve investment returns.

The Rights are tradable on the Exchange between November 15, 2017 and December 22, 2017. The Rights Circular for this Rights Issue is available on this website. Click here to download

Eligible shareholders have also been advised to download their personalised Duplicate Rights Form online.

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