January 2, 2020

SEC extends C & I Leasing N3.2 bn rights issue to Jan. 13

Stock market

Stock Market

Nigerian Stock Exchange

By Peter Egwuatu

The Securities and Exchange Commission, SEC has extended the closure of C& I Leasing N3.2billion Rights Issue to January 13, 2020.

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The Rights Issue which opened November 18, 2019 was earlier scheduled to close on 27th of  December 2019.

The SEC in a statement made available to Vanguard stated: “We refer to your submission dated 17th  December, 2019 on the request for extension of offer period. The Commission having reviewed your request has granted a ten working days extension from the closing date of the offer. The offer will now close on Monday, 13th January 2020.”

C & I Leasing had explained that non shareholders of the Company can partake in its ongoing N3.2 billion Rights Issue. The Company has also assured shareholders that it would continue to explore new business opportunities, especially in the marine, fleet, and outsourcing to boost its revenue base and increase shareholders’ value. Speaking with journalists, the Managing Director of the company, Andrew Otike-Odibi, said: “The Rights is tradable and therefore open to non-existing shareholders, who are willing to buy shares in the company.”

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Continuing he said: “A comparison of the current market price of C&I Leasing, which stood at N7.30 on September 12th 2019, and the Offer price of N6.00 for the Rights, shows that the Rights are being issued at a discount of N1.73. Not only is the C&I Leasing Rights presenting a better offer in terms of pricing, it is also rewarding in terms of the number of shares that existing shareholders are getting. Subscribing to the C&I Leasing Rights Offer will entail that a shareholder will be paying N24 for 4 additional shares that are worth N29.2 in the market, which is a gain of N1.3 per share. It means the C&I Leasing Rights Offer makes more economic sense.”