Fidelity Bank Plc has announced 100% subscription by investors to its Private Placement of 3.04 billion ordinary shares of 50 kobo each at N4.60 per share which was opened on 22nd February this year and closed the following day.
The bank, in a Notice to the Nigerian Exchange Limited (NGX) on the results of the funding initiative, indicated that the two applications were received for a total of 3.04 billion ordinary shares in connection with the Private Placement.
The Notice to the NGX also reflected that the two applications for a total of 3.04 billion ordinary shares were validated, accepted and processed and that all applications were received within the offer period.
Fidelity Bank confirmed that the Securities & Exchange Commission (SEC) had cleared the Basis of the allotment stated as well as the disclosure to the NGX.
It clarified: “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.”
It would be recalled that in October 2022, the bank had, during the Extra-Ordinary General Meeting (EGM) held in Lagos secured the approval of its shareholders to issue N3.03 billion unsecured ordinary shares of 50 kobo by way of a private placement.
Speaking on the offer during the meeting, the bank’s Chairman of the Board of Directors, Barr. Mustapha Chike-Obi, explained the shareholders and representatives of the regulatory institutions present that the EGM was convened to ensure that the bank complied with Section 124 of the Companies and Allied Matters (CAMA) Act 2020 and Regulation 13 of the Companies Regulations 2021.
Specifically, the Section requires that companies with unissued shares at the time of commencement of CAMA 2020 should issue such shares latest by December 31, 2022.
