Ghana Commercial Bank Limited (GCB) has announced the key terms, following shareholders' approval of a rights issue at the Extraordinary General Meeting held in Accra on October 26, 2006.
The offer is a renounceable rights issue of 75 million new ordinary shares at ¢6,000 per share to qualifying shareholders in a ratio of one new ordinary share for every 2.2 ordinary shares.
A statement issued by Strategic African Securities Limited, Financial Advisors and Managers of the offer, said all shareholders registered in the books of GCB at the close of business on Tuesday, April 10, 2007 will qualify for the offer held as at that date.
The statement said the register of members would be closed from Wednesday, April 11 to Wednesday, April 18, 2007 (both dates inclusive).
In view of the foregoing, the ex-rights date has been set as Wednesday, April 4, 2007. Any investor buying GCB shares before this date will be entitled to partake in the rights issue. An investor buying GCB shares on or after Wednesday, April 4, 2007 will not be entitled to partake in the offer.
It said the offer is subject to regulatory approvals from the Ghana Stock Exchange and the Securities and Exchange Commission.
Once these approvals have been received, an offer circular would be sent to all qualifying shareholders of the bank, the statement said and added that since the offer was a renounceable rights issue, it was open to non-GCB shareholders.
Shareholders of the bank and the investing public would be updated on all further developments, the statement said.