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E-Tranzact opens application for N7b rights issue
#1
E-Tranzact opens application for N7b rights issue
July 20, 2020

[/url][Image: etranzact.png]
[url=https://thenationonlineng.net/wp-content/uploads/2020/07/etranzact.png]







 

E-Tranzact International Plc has opened application list for its N7 billion rights issue, providing shareholders the opportunity to increase their shareaholdings in the electronic payment company.


E-Tranzact is offering 4.67 billion ordinary shares of 50 Kobo each at N1.50 per share. The rights have been pre-allotted on the basis of 10 new ordinary shares for every nine ordinary shares held as at March 25, 2020. Acceptance list, which opened on July 14, will run till August 10, 2020.


Shareholders of E-Tranzact had in December 2018 authorised the board of the company to raise additional capital of up to N7 billion through the issuance of any form of equity instruments, whether by way of public offering, private placement, rights issue, offer for subscription or other methods they deem fit, with or without preferential allotments, either locally or internationally, at such dates and on such terms and conditions as shall be determined by the directors.


Shareholders also empowered the directors to consider as an alternative or addition issuance of convertible or non-convertible loans while allowing the company to issue undersubscribed shares to interested investors as well as absorb excess subscriptions.



Shareholders had also increased the company’s authorised share capital from N2.1 billion or 4.2 billion ordinary shares of 50 kobo each to N9.1 billion or 18.2 billion ordinary shares of 50 kobo each.


E-Tranzact may use its new issue to correct its free float deficiency, which is 1.78 per cent below the benchmark set for its listing category at the Nigerian Stock Exchange (NSE). E-Tranzact has a free float of 18.22 per cent, 1.78 per cent below the 20 per cent benchmark. E-Tranzact had been given a deadline of December 07, 2020 to redress the deficiency by either reducing the concentrated core shareholdings or dilute them.


Free float, otherwise known as public float, refers to the number of shares of a quoted company held by ordinary shareholders other than those directly or indirectly held by its parent, subsidiary or associate companies or any subsidiaries or associates of its parent company; its directors who are holding office as directors of the entity and their close family members and any single individual or institutional shareholder holding a statutorily significant stake, which is 5.0 per cent and above in Nigeria.
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