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Business News of Thursday, 13 February 2020

Source: MyNigeria

UPDC revises listing of N15.96bn worth rights issue

UACN Property Development Company Plc has revised its initial application to the Nigerian Stock Exchange for the approval and listing of a Rights Issue of N15.96 bn.

In a notice by the Nigerian Bourse to the investing public, the firm revised its rights issue to Fifteen Billion Nine Hundred and Sixty-one Million Five Hundred and Seventy-four Thousand One Hundred and Forty-five (15,961,574,145) ordinary shares of 50 kobo each at N1.00 per Share on the basis of 43 new Ordinary Shares for every 7 Ordinary Shares held as stated in the Securities and Exchange Commission approved Rights Circular.

The NSE also disclosed that the Qualification Date for the rights issue was scheduled for Monday, September 30, 2019. Acceptance is expected to open Monday, February 10th, 2020 and close Friday, March 13th, 2020.

Recall that in September, UPDC through Stanbic IBTC Stockbrokers Limited planned to list 15,961, 563, 260 ordinary shares of 50 kobo each at One N1.00 per share, on the basis of 43 new ordinary shares for every 7 ordinary shares.

In addition, UPDC has been on the losing side for several years, despite efforts to turn it around. Hence UAC Nigeria's decision to spin off its shareholding in UPDC to its shareholders.

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