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UPDC lists N15.9bn Rights Issue on NSE

UACN Property Development Company Plc will today, Tuesday June 2, 2020 list its N15.9billion Rights Issue on the Nigerian Stock Exchange (NSE). The Exchange streams live the Closing Gong ceremony.

UPDC had in the Rights offering to its existing shareholders issued 15,961,574,145 units at N1 per share. The Rights Issue held from Monday February 10, 2020 and closed on Friday March 13, 2020.

The Rights Issue was done on the basis of 43 new ordinary shares for every 7 ordinary shares held by the company shareholders as at September 30, 2019.

The Board of Directors of UAC of Nigeria Plc (UAC) and UACN Property Development Company (UPDC) had last year informed the Nigerian Stock Exchange (NSE), their shareholders and stakeholders that they were considering strategic initiatives involving recapitalisation and restructuring of UPDC.

The strategic initiatives which include recapitalisation and restructuring of UPDC ownership structure, involves UPDC’s interest in UPDC Real Estate Investment Trust (UPDC REIT) being unbundled to UPDC shareholders via the allocation of REIT units directly to shareholders of UPDC in proportion to their post-Rights Issue holdings in UPDC (UPDC Unbundling).

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