Fidelity Bank public offer subscribed by 237.92%

…Rights Issue 137.73% subscribed

Fidelity Bank Plc has announced the result of its recent offer for subscription of 10 billion Ordinary Shares at N9.75 per share. The bank said the Offer was 237.92 percent subscribed.

Fidelity Bank said in the summary of the Offer that 108,046 applications for 23,791,687,463 ordinary shares totaling N231.968billion were received in connection with the Offer.

The banks also said 107,588 applications for 23,768,724,000 ordinary shares totaling N231.745billion were found to be valid based on the terms of the Offer and

the Central Bank of Nigeria’s (CBN) Capital Verification Exercise (CVE).

“No application was disqualified following CBN’s CVE. Furthermore, 458 applications for 22,765,143 ordinary shares totaling N221.960million were found not to be valid under the terms of the Offer and were therefore rejected.

“In addition, 548 applications included odd lots amounting to 198,320 ordinary shares (that is N1.933million) which were also rejected. “The Offer was therefore 237.92 percent subscribed”.

Pursuant to the resolution of Fidelity Bank Plc shareholders dated July 26, 2024, which authorised the bank to increase its share capital by up to 8.200billion additional ordinary shares, the bank absorbed an excess of 50 percent of the Offer, allotting an additional 5 billion ordinary shares.

It noted that the 107,588 valid applications for 23,768,724,000 ordinary shares have been allotted. Fidelity Bank noted that the said basis of allotment, as well as the announcement has been cleared by the Securities and Exchange Commission (SEC).

“Shares allotted will be credited not later than Thursday February 13, 2025, being five (5) business days after clearance of the basis of allotment by the SEC, to the CSCS accounts of allottees by the Registrars to the Offer, First Registrars & Investor Services Limited.

“In accordance with the SEC directive on Dematerialisation of Share Certificates, allottees without CSCS accounts will have their shares credited not later than Thursday February 13, 2025 being five (5) business days after clearance of the basis of allotment by the SEC, at the CSCS using a Registrar Identification Number.

“All surplus monies will be returned after clearance of the allotment by the SEC and not later than Thursday February 13, 2025, being five (5) business days after clearance of the basis of allotment by the SEC,” the bank said while announcing the offer at the NGX.

Likewise, the bank announced the result of the Rights Issue of 3.2 billion Ordinary Shares at N9.25 per share on the basis of 1 new Ordinary Share for every 10 Ordinary shares held as at the close of business on Friday January 5, 2024. It noted that the Rights Issue was 137.73percent subscribed, with an overall allotment of 100percent.

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“With respect to the Rights Circular dated June 5, 2024, 7,559 applications for 4,430,290,237 ordinary shares totaling N40.980 billion were received. 6,903 applications for 4,407,252,795 ordinary shares totaling N40.767 billion were found to be valid based on the terms of the Issue. 52 applications for 295,990,800 ordinary shares totaling N2.737billion were received in respect of rights tradeable on Nigerian Exchange Limited (NGX).

“A total of 183 shareholders with provisional allotment of 162,860,544 ordinary shares partially accepted their rights totaling 65,378,325 ordinary shares, thereby leaving a balance of 97,482,219 ordinary shares totaling N901.710million, partially renounced.

Fidelity said 6,668 applicants fully accepted their provisional rights totaling 1,474,892,761 ordinary shares for N13.642billion, of which 2,959 applicants applied for an additional 2,570,990,909 ordinary shares and were allotted 1,363,738,114 ordinary shares (that is N12.614billion), representing an allotment level of 53.04percent.

“No applications were rejected following the Central Bank of Nigeria’s Capital Verification Exercise, however a total of 656 applications for 23,037,442 ordinary shares totaling N213.096million were found not to be valid based on the terms of the Rights Issue. 1,266,255,895 ordinary shares totaling N11.712billion were fully renounced.

“The Issue was therefore 137.73percent subscribed, with an overall allotment of 100percent,” the bank further noted.