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Home Business News

UACN N15 billion rights issue opens today

Onome Ohwovoriole by Onome Ohwovoriole
November 15, 2017
in Business News, Company News, Corporate Press Releases, Markets
UACN N15 billion rights issue opens today

Larry Ephraim Ettah Group Managing DIrector UAC of Nigeria Plc

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In a notice released to the Nigerian Stock Exchange (NSE) today, UACN Plc has announced the opening of its rights issue. 960,432,193 ordinary shares of 50 Kobo each at the offer price of N16 per share on the basis of one (1) new ordinary shares for every two (2) ordinary shares held as at 19 October 2017 will be opened for subscription. Acceptance list opens: Wednesday, 15 November 2017 Acceptance list closes: Friday, 22 December 2017.

What will the proceeds be used for ?

Details from the rights issue circular released by the company show it expects to raise a total of N15 billion after deducting costs related to the offer. N5 billion will be injected into Grand Cereals Limited as equity, in addition to a N3.5 billion company loan. UACN also intends to allocate N4 billion as working capital support to both Livestock Feeds Plc and Grand Cereals Plc. N2.5 billion from the rights issue will be reserved for new business development.

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Here is a copy of the rights issue circular

UAC of Nigeria is a conglomerate, operating in the food and beverage, real estate, paints and logistics sectors of the economy, through its subsidiaries. The company was incorporated on April 22, 1931 as a wholly-owned subsidiary of the United Africa Company Limited (a subsidiary of Unilever), which later became UAC International. The Company’s name was changed to United Africa Company (Nigeria) Limited on 23rd July 1943, and became UAC of Nigeria PLC in 1991. It was listed on the NSE in 1974. UACN Plc shares closed at N19.10 in yesterday’s trading session on the NSE. Year to date, the shares are 13.62%.


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Tags: livestock feedsUACN
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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