By Dipo Olowookere
The board of Fidson Healthcare Plc has announced that its proposed rights issue will commence from Wednesday, March 6 to Tuesday, April 9, 2019.
The pharmaceutical company is planning to sell 750 million units of its shares 50 kobo each at N4 per unit on the basis of one new ordinary share for every two ordinary shares held.
Fidson had initially said it was selling through rights issue a total of 900 million ordinary shares of 50 kobo each at N5 per unit on the basis of three new ordinary shares for every five ordinary shares held as at the close of business on Thursday, July 5, 2018.
But when the share price of the stock dropped below N5 at the stock market, the company approached the Securities and Exchange Commission (SEC) to readjust the rights issue, which was granted.
Fidson plans to use proceeds from the rights issue to refinance some expensive debts, strengthen the working capital position of the business and fund some strategic capital expenditure.
Business Post reports that at the stock market on Tuesday, shares of Fidson Healthcare Plc were sold at N4.70k per unit.
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