By Modupe Gbadeyanka
The board of directors of UAC Nigeria Property Development Company Plc has concluded plans for its proposed rights issue worth N15.962 billion, Business Post has confirmed.
The firm, which recently unbundled itself from its parent company, UAC Nigeria Plc, is looking to raise fresh funds from its existing shareholders to carry out some its operations.
UACN Property intends to issue a total of 15,961,563,260 ordinary shares 50 kobo each at N1 per unit on the basis of 43 new ordinary shares for every seven ordinary shares held.
In a circular issued today, Head of Listings Regulation Department at the Nigerian Stock Exchange (NSE), Mr Godstime Iwenekhai, stated that application for the exercise and listing on the platform was submitted by the firm’s stockbroker, Stanbic IBTC Stockbrokers Limited.
He added that UACN Property has fixed the qualification date for the rights issue for Monday, September 30, 2019 (today).
“Dealing members are hereby notified that UACN Property Development Company Plc (UPDC) has through its stockbroker, Stanbic IBTC Stockbrokers Limited, submitted an application to the Nigerian Stock Exchange for the approval and listing of a rights issue of 15,961,563,260 ordinary shares of N0.50 each at N1.00 per share, on the basis of 43 new ordinary shares for every seven ordinary shares held.
“The qualification date for the rights is today, Monday, September 30, 2019,” the circular signed by Mr Iwenekhai said.
Business Post reports that shares of UAC Nigeria Property were trading on the floor of the NSE on Monday at N1.16k per unit, the same amount it was exchanged at the last trading session.
In recent times, companies listed on the stock exchange have embarked on similar exercise, including Sovereign Trust Insurance, C&I Leasing, Red Star Express, amongst others
