Fidelity Bank extends deadline for combined offer
By Jeffrey Agbo
Fidelity Bank has announced the extension of the deadline for its rights issue and public offer jointly called combined offer.
The bank disclosed this in a notification issued to customers earlier this week. It seeks to raise N127.1billion to meet the re-capitalisation threshold set by the Central Bank of Nigeria (CBN).
According to the notification, shareholders and investors will have additional 10 work days to invest and participate in the offer.
“Dear valued customer, over the last few weeks we have been receiving numerous appeals from intending investors and shareholders to extend the offer deadline of our combined offer,” the bank said.
“Consequently, if you have not done so already, you can invest/participate in the Fidelity Bank’s combined offers over the next ten (10) working days.
“Consequently, the offer period has been extended to August 12, 2024, to allow more time for intending investors and shareholders to participate in the combined offer.
“We encourage all intending investors and shareholders to take advantage of the extended deadline to invest/participate in the Fidelity Bank combined offer.”
Under the rights issue, 3.2 billion ordinary shares of 50 kobo each is being offered in the ratio of 1 new ordinary share for every 10 ordinary shares held as of January 5, 2024, at N9.25 per share.
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For the public offer, 10 billion ordinary shares of 50 kobo each is being offered to the general investing public at N9.75 per share.
Stanbic IBTC Capital is the lead issuing house whilst the joint issuing houses include Iron Global Markets Limited, Cowry Asset Management Limited, Afrinvest Capital Limited, FSL Securities Limited, Futureview Financial Services Limited, Iroko Capital Market Advisory Limited, Kairos Capital Limited and Planet Capital Limited.
The acceptance and application lists for the rights issue and public offer were initially scheduled to close on Monday, July 29, 2024.
Fidelity Bank, Nigeria’s sixth largest bank, has an international operating licence from the CBN and thus would be looking to raise its capital base to N500bn within the next two years.