The telco's announcement of offer price and allocation of ordinary shares will hold on Thursday, June 27, 2019.
The proceeds from the offer will be used to offset the company’s net debt and the offer price is expected to range between N363.00 and N454.00 per share (Naira conversion of the expected Pounds Sterling price per share of between £0.80 and £1.00). Please note that this is an indicative price subject to the outcome of the ‘’Book Building’’ exercise by the company. The company's annual report for 2018 can be found HERE.
Although participation is restricted to Qualified Institutional Investors and High Net Worth Individuals, Afrinvest will set up a Special Purpose Vehicle ("SPV") to aggregate the demand of retail investors. Upon successful completion and listing (4th July 2019), all shares will be crossed into investors' CSCS account. Please note that clients will bear all cross deal charges.
Also, the minimum share subscription will be 500 shares, investors are expected to fund our bank account with a minimum of N227,000.00 (i.e 500 * N454.00 - being the upper band of the share price range). Any excess amount will be left in clients' in-house account in the event that the clearing price is lower than N454.00.