Petroleum Marketing Company, Eterna Oil & Gas Plc (Eterna) has ended its N5.303 billion Rights Issue today Thursday April 30 2009. This was contained in a document made available to Proshare NI in Lagos Nigeria.
To raise this amount, Eterna opened a Rights Issue by offering to its existing shareholders 533,000,000 Ordinary Shares of 50 Kobo each at N9.95 Kobo per share.
This the company gave on the basis of forty-one (41) new Ordinary Shares for every sixty (60) Ordinary Shares held as at the close of business on March 16 2009.
Eterna in the document affirmed that the Rights being offered were tradable on the Floor of the Nigerian Stock Exchange (NSE) for the duration of the issue.
“The tradable Rights will be between Wednesday April 22 2009 to Thursday April 30 2009 at the price to be determined at the NSE” the document affirmed.
Eterna further affirmed in the document that Ordinary Shares not taken up by Thursday 30 April 2009 will be allotted on a basis to be determined by the Directors and cleared by the Securities and Exchange Commission (SEC) to existing shareholders who would have applied for additional shares over and above provisional allotment under the terms of the Issue.
The Rights opened Wednesday April 22 2009 and closing today Thursday April 30 2009. Lead Issuing House to the Rights is Radix Capital Partners and Issuing House is Meristem Securities Limited.
As earlier reported, the purpose of the is for expansion purposes and to procure and upgrade existing storage facilities, upgrade lubricant plants, expand retail outlets and provide additional working capital.
On Tuesday April 28 2009, the Council of The Exchange approved Eterna’s Offer for Subscription of 287,000,000 Ordinary Shares of 50 kobo each at N11.50 per share and Rights Issue of 533,000,000 Ordinary Shares of 50 kobo each at N9.95 per share