Zenith Bank Plc has extended its ongoing rights issue and public offer, which were originally set to close on Monday, to September 23, 2024.
The bank announced this extension in a public statement. It explained that the extension of two weeks was granted following approval from the Securities and Exchange Commission (SEC).
The bank cited the nationwide protests that began on August 1, 2024, as the reason for the extension.
It stated: “Zenith Bank Plc has extended the acceptance/application lists for its ongoing Rights Issue and Public Offer which were scheduled to close on Monday, 9 September 2024 by two weeks to close on Monday, 23 September 2024. This is following the receipt of approval from the Securities and Exchange Commission.”
It would be recalled that the rights issue and public offer which launched on August 1, 2024, “were disrupted by the nationwide protest that commenced on the same day, which disrupted business operations and individual movement across the country.”
“The decision has been made to provide ample opportunity for shareholders to take up their rights and the general investing public to subscribe to the public offer,” it added.
Zenith Bank in the ongoing rights issue offers 5,232,748,964 ordinary shares of 50 Kobo each at N36.00 per share, while the Offer for Subscription presents 2,767,251,036 ordinary shares of 50 Kobo each at N36.50 per share.
The rights issue allows existing shareholders to purchase additional shares in proportion to their current holdings and is being offered based on one new ordinary share for every six existing ordinary shares held as of Wednesday, July 24, 2024.
Conversely, the public offer for subscription is open to the general public and aims to attract new investors.
Today, Zenith Bank is the highest dividend-paying bank in Nigeria, a trend it has sustained over the past five years. Also, its shares are selling at a massive discount.
