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NAHCo public offer records 678% subscription
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Bates Sarki Sule, managing director, Nigerian Aviation Handling Company PLC (NAHCo)
The Securities and Exchange Commission (SEC)has approved the basis of allotment of the hybrid offer of the Nigerian Aviation Handling Company PLC (NAHCo). 64,753 applications for 615,616,395 ordinary shares were received in respect of the Public Offer.
580 applications for 5,051,184 ordinary shares that did not comply with the terms of the Offer were rejected; 4,611 ordinary shares arising from wrong multiples were also rejected; 64,173 ordinary shares found to be valid, were accepted and processed accordingly. The Offer was therefore 678.40 per cent subscribed.
Of the 64,173 valid applications, 860 applications for 24,932,900 ordinary shares were in respect of the Preferential Allotment, provided for in the Prospectus. 63,313 valid applications from the general public for 585,627,700 ordinary shares were allotted 65,067,100 ordinary shares remaining after the Preferential Allotment.
For the rights issue, 6,407 shareholders/applicants with provisional allotment of 25,140,027 ordinary shares applied for 61,423,465 ordinary shares in respect of the Rights Issue; all the acceptances received were found to be valid under the terms of the Issue, accepted and processed accordingly. The Rights Issue was therefore 175 percent subscribed.
The breakdown of the allotment is as follows: A total of 2,109 shareholders with a Provisional Allotment of 5,799,918 ordinary shares accepted their rights in full; five shareholders with Provisional Allotments of 49,779 ordinary shares accepted only 14,481 ordinary shares, hereby partially renouncing 35,
Of the 64,173 valid applications, 860 applications for 24,932,900 ordinary shares were in respect of the Preferential Allotment, provided for in the Prospectus. 63,313 valid applications from the general public for 585,627,700 ordinary shares were allotted 65,067,100 ordinary shares remaining after the Preferential Allotment.
For the rights issue, 6,407 shareholders/applicants with provisional allotment of 25,140,027 ordinary shares applied for 61,423,465 ordinary shares in respect of the Rights Issue; all the acceptances received were found to be valid under the terms of the Issue, accepted and processed accordingly. The Rights Issue was therefore 175 percent subscribed.
The breakdown of the allotment is as follows: A total of 2,109 shareholders with a Provisional Allotment of 5,799,918 ordinary shares accepted their rights in full; five shareholders with Provisional Allotments of 49,779 ordinary shares accepted only 14,481 ordinary shares, hereby partially renouncing 35,
298 ordinary shares; three shareholders with Provisional Allotment of 14,000,000 traded their Rights fully on the floor of The Nigerian Stock Exchange.
A total of 9,859,973 ordinary shares were fully renounced. This brings the total renunciation to 9,895,271 ordinary shares; 4,290 shareholders with provisional allotment of 5,290,330 ordinary shares accepted their rights in full, and requested for an additional 36,318,736 ordinary shares;
The Securities & Exchange Commission has cleared the basis of allotment proposed above as well as this announcement. Cheques for rejected/surplus application monies and accrued interest will be returned to the affected applicants by the Registrars to the Issue, City Securities (Registrars) Limited, Primrose Tower, 2nd floor, 17A, Tinubu Street, Lagos, not later than Wednesday, 23rd January, 2008.
Share Certificates in the name of successful allotees will be dispatched through their given addresses by registered post, or units of NAHCo will be credited to the CSCS accounts of shareholders who indicate this on their acceptances/renunciation forms, by the Registrars not later than 6th February, 2008
It will be recalled that NAHCo went to the Capital Market to shop for N2billion in September 2007. NAHCo offered 90million Ordinary Shares of 50k each at N17.50 per share through a Public Offer. The Company also simultaneously offered by way of rights 35million Ordinary shares of 50k each at N16.50k per share to existing shareholders as at 18th May, 2007.
Proceeds from the combined Offer, estimated at N2,002,590,465.00, after deducting the costs of the issue, will be used to fund the company’s business growth and expansion strategy, which includes acquiring new Ground Support Equipments (GSEs), reinforcing the company’s technology platform, construction of new cargo sheds, re-branding, and increasing the working capital to support the expected expansion. About 49.56 percent of the net proceeds of the offer will be committed to the purchase of equipments which are critical to NAHCo’s operations.
A total of 9,859,973 ordinary shares were fully renounced. This brings the total renunciation to 9,895,271 ordinary shares; 4,290 shareholders with provisional allotment of 5,290,330 ordinary shares accepted their rights in full, and requested for an additional 36,318,736 ordinary shares;
The Securities & Exchange Commission has cleared the basis of allotment proposed above as well as this announcement. Cheques for rejected/surplus application monies and accrued interest will be returned to the affected applicants by the Registrars to the Issue, City Securities (Registrars) Limited, Primrose Tower, 2nd floor, 17A, Tinubu Street, Lagos, not later than Wednesday, 23rd January, 2008.
Share Certificates in the name of successful allotees will be dispatched through their given addresses by registered post, or units of NAHCo will be credited to the CSCS accounts of shareholders who indicate this on their acceptances/renunciation forms, by the Registrars not later than 6th February, 2008
It will be recalled that NAHCo went to the Capital Market to shop for N2billion in September 2007. NAHCo offered 90million Ordinary Shares of 50k each at N17.50 per share through a Public Offer. The Company also simultaneously offered by way of rights 35million Ordinary shares of 50k each at N16.50k per share to existing shareholders as at 18th May, 2007.
Proceeds from the combined Offer, estimated at N2,002,590,465.00, after deducting the costs of the issue, will be used to fund the company’s business growth and expansion strategy, which includes acquiring new Ground Support Equipments (GSEs), reinforcing the company’s technology platform, construction of new cargo sheds, re-branding, and increasing the working capital to support the expected expansion. About 49.56 percent of the net proceeds of the offer will be committed to the purchase of equipments which are critical to NAHCo’s operations.
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