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Fidelity Banks N45b hybrid offer underwritten

Category: Public Offers Private Placements

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Fidelity Banks N45b hybrid offer underwritten

September 24, 2007/ Guardian



Eight issuing houses, Fidelity Union Securities Limited, FBN Capital, Afrivest West Africa, KMG Securities Limited, IBTC Chartered Bank Plc, Future View, Greenwich Trust Limited and Intercontinental Capital Markets Limited have jointly underwrote the hybrid offer of Fidelity Bank Plc.


The offer, which opens on September 27, 2007 and closes on November 9, 2007 has been underwritten to the tune of 80 per cent on a firm basis with each of the joint issuing houses/underwriters committing the sum of N5 billion.


According to the prospectus, the offer is being undertaken by the bank to expand retail infrastructure and branch network, expand product distribution capabilities in the electronic banking space and deepen participation in power, oil and gas, real estate and telecommunications sectors.


Specifically, the net proceeds of the total offer, which amounts to N45.32 billion, would be utilised for branch expansion, information technology and enhancement of the bank\'s working capital.


Branch expansion would gulp N9.9 billion and would be completed in 26 months, while working capital, trade finance, corporate finance and project finance would take 57.3 per cent or N26 billion.


Upgrading of IT systems would take N4.5 billion or 9.9 per cent, while investment in subsidiaries would take the remaining 11 per cent and is expected to be completed within one calendar year.


The bank is offering the investing public 5.5 billion ordinary shares of 50 kobo each with preferential allotment, and a rights issue of 498.9 million ordinary shares at N8 per share to existing shareholders as at August 20, 2007.


The units of sale are a minimum of 1,000 ordinary shares and multiples of 100 ordinary shares thereafter at N8 per share.


Market capitalisation at market price pre-offer is N131.7 billion, while market capitalisation at offer price, post offer is N179.7 billion.


Currently, the bank\'s authorised share capital is N12.5 billion divided into 25 billion ordinary shares of 50 kobo each, while issued and fully paid up is N8.23 billion divided into 16.5 billion ordinary shares of 50 kobo each. 


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