Key Highlights
- Fidelity Bank’s private placement of 3.04 billion ordinary shares was 100% subscribed at a price of N4.60 per share.
- The placement was opened on February 22, 2023, and closed on February 23, 2023, with all applications received during this period.
- The Securities & Exchange Commission (SEC) has cleared the basis of allotment, and successful allottees will receive their shares by May 05, 2023.
Fidelity Bank Plc has announced that its Private Placement of 3.04 billion ordinary shares of 50 Kobo each at N4.60 per share was 100% subscribed.
This was contained in the bank’s notice to the Nigerian Exchange Limited (NGX) obtained by Nairametrics.
The Private Placement was opened on Wednesday, February 22, 2023, and closed on Thursday, February 23, 2023.
100% subscription
According to the result of the Placement released by the financial institution, the two applications were received for a total of 3.04 billion ordinary shares in connection with the Private Placement.
The result also showed that the two applications for a total of 3.04 billion ordinary shares were found to be valid, accepted and processed accordingly adding that the Private Placement was 100% subscribed.
It noted that all applications were received within the Offer period of Wednesday, February 22, 2023, and Thursday, February 23, 2023.
The bank stated that the Securities & Exchange Commission (SEC) has cleared the Basis of the allotment stated as well as this announcement.
- “CSCS accounts of successful allottees will be credited with shares allotted, not later than Friday, May 05, 2023, by the Registrars to Fidelity Bank Plc, First Registrars & Investor Services Limited,” the bank said.
What you should know
Fidelity Bank Plc had in October last year secured the approval of its shareholders to issue N3.03 billion unsecured ordinary shares of 50kobo by way of a private placement.
This was approved at the Bank’s Extra-Ordinary General Meeting (EGM) held in Lagos.
Addressing shareholders at the event which had the representatives of various regulators in attendance, Fidelity Bank’s Chairman Mustafa Chike-Obi, said the EGM was called to ensure the Bank complies with Section 124 of the Companies and Allied Matters Act, 2020 (CAMA) and Regulation 13 of the Companies Regulations 2021 which require companies with unissued shares at the time of commencement of CAMA 2020 to issue such shares by December 31, 2022.
- “After considering the options, the Board resolved that the Company’s outstanding 3,037,414,308 unissued Ordinary Shares of 50Kobo each should be disposed of by way of Private Placement to strategic investors to enable the Bank generate additional capital for continued growth in line with its objectives,” explained Chike-Obi.
- “Fidelity Bank is growing in leaps and bounds and we need to expand our capital base to take advantage of emerging opportunities. We will also use the additional capital to enhance our technology infrastructure to enable us to serve more customers”, explained CEO Nneka Onyeali-Ikpe.
