Core Trust to raise N2.6 billion through hybrid offer
Category: Public Offers Private Placements
After several postponements, Core Trust & Investment Limited (CORETRUST) is now set to raise N2.6 billion through a hybrid offer by way of Private Placement (PP) and Rights Issue.
Adewale Yusuf, head of operations of the company confirmed that the company intends to raise the sum of N2.6 billion by offering to select investors 7.0 billion ordinary shares of 50 kobo each at N1.50 and N1.20 kobo per share for the placement and rights respectively.
The hybrid offer which would open on Monday, December 15, 2008 is being handled by Capital Asset Limited as the Issuing House. Although the offer would have commenced before now, Fisayo Oyedeji, chief executive officer of the company had told an online journal, reasons the offer did not commence as scheduled.
The reasons mentioned include the market meltdown experienced on the nationÃƒÆ’Ã†â€™Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¡Ãƒâ€šÃ‚Â¬ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¾Ãƒâ€šÃ‚Â¢s stock market and observations made by the companyÃƒÆ’Ã†â€™Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¡Ãƒâ€šÃ‚Â¬ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¾Ãƒâ€šÃ‚Â¢s financial advisers in connection with the hybrid offer; which needed to be sorted out by the board of directors. Other issues bothered on the pricing of the hybrid offer.
The company had increased its authorised share capital to N2.5 billion from N250.1 million. Proceeds of the hybrid offer would be used to enhance the firmÃƒÆ’Ã†â€™Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¡Ãƒâ€šÃ‚Â¬ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¾Ãƒâ€šÃ‚Â¢s Information and Communication Technology (ICT) in order to deliver quality service to its customers.
CORETRUST also intends to enhance its brand both locally and internationally. - Businessday