C & I Leasing Plc at the weekend extended the offer period for its ongoing rights issue of N3.23 billion, giving shareholders additional 17 days to pick up their rights. Application list for the rights issue had opened on Monday November 18, 2019 and was scheduled to close on Friday, December 27, 2019.
According to the notice on the website of the Nigerian Stock Exchange, the notice stated thus:
“Further to the Market Bulletin with Reference Number NSE/RD/LRD/MB65/19/11/18, dated 18 November 2019, on the above subject, Dealing Members are hereby notified that trading in the C & I Leasing’s Rights Issue of 539,003,333 ordinary shares of 50 Kobo each at N6.00 per share on the basis of four (4) new ordinary share for every three (3) ordinary shares held as at 04 September 2019, has been extended to 13 January 2020”.
C & I Leasing had in January 2019 concluded a massive share reconstruction that saw cancellation of 1.479 billion ordinary shares of 50 kobo each, about 79 per cent of the company’s pre-consolidation issued share capital.
The share capital reconstruction had reduced the leasing company’s outstanding shares from 1.883 billion ordinary shares of 50 kobo each to new total outstanding ordinary shares of 404.25 million ordinary shares of 50 Kobo each. Under the share consolidation, four ordinary shares of 50 kobo each were consolidated into one ordinary share of 50 kobo each.
The company had stated that the purpose of the reconstruction was to allow the company to have enough unissued shares to accommodate the conversion of the Abraaj loan stock to ordinary shares and to raise additional capital through the capital market for business expansion.