SEC approves extension of C&I right issue

THE board of C&I Leasing Plc has received an approval to extend its rights issue for another two weeks, to give room for more shareholders to partake in the exercise.

In a circular by the Nigerian Stock Exchange (NSE) to the investing public on Friday, December 27, 2019, the company noted that it received an approval from the Securities and Exchange Commission (SEC) to extend the sale for another two weeks.

The exercise was earlier slated to end on Friday, December 27, 2019, but an approval was granted to the firm to keep selling the rights issue till Monday, January 13, 2020.

C&I Leasing is issuing a total of 539,003,333 ordinary shares of 50 Kobo each at N6.00 per share on the basis of four new ordinary share for every three ordinary shares held as at September 4, 2019.

“Further to the market bulletin with reference number NSE/RD/LRD/MB65/19/11/18, dated November 18, 2019, on the above subject, dealing members are hereby notified that trading in the C&I Leasing’s rights issue of 539,003,333 ordinary shares of 50 Kobo each at N6.00 per share on the basis of four new ordinary share for every three ordinary shares held as at September 4, 2019, has been extended to January 13, 2020,” the notice signed by the Head of Listings Regulation Department at the NSE, Mr Godstime Iwenekhai, stated.

It will be recalled that the management of C&L Leasing considered raising fresh capital and recapitalising its capital base so as to perform better.

Managing Director/CEO of the firm, Mr Andrew Otike-Odibi, had said  the capital raising would be done through rights issue “for the purpose of business expansion, loan refinancing and working capital need.”

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