Fidelity Bank Plc, has revealed that the 3.04 billion ordinary shares worth 50 Kobo each that were offered in a private placement at a price of N4.60 apiece were fully subscribed.
This information was included in the bank’s notice to the Nigerian Exchange Limited (NGX), which Nairametrics was able to get.
The Private Placement began on February 22, 2023, and ended on February 23, 2023, both days.
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The two applications for a combined 3.04 billion ordinary shares in connection with the Private Placement were received, according to the Placement results announced by the financial institution.
The outcome also indicated that the two applications for a combined 3.04 billion ordinary shares were accepted, processed appropriately, and deemed to be genuine, with the Private Placement being fully subscribed.
It stated that all applications were submitted between Wednesday, February 22, 2023, and Thursday, February 23, 2023, during the Offer period.
This Securities & Exchange Commission (SEC) has approved both this announcement and the basis for the allotment, according to the bank.
“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 must understand
A private placement of N3.03 billion in unsecured ordinary shares of 50 kobo was authorised by shareholders of Fidelity Bank Plc in October of last year.
At the Bank’s Extraordinary General Meeting (EGM), which took place in Lagos, this was approved.
The EGM was called, according to Fidelity Bank Chairman Mustafa Chike-Obi, in order for the Bank to comply 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 the start of CAMA 2020 to issue such shares by December 31, 2022. Representatives of various regulators were present at the event.
“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.
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