July 01, 2009 17:41 GMT
Cadbury Nigeria Plc (Cadbury) is seeking approval from Regulatory Authorities to raise fresh funds through a Rights Issue.
This was contained in a Release dated June 29 2009 and signed Kufre Ekanem, Corporate Affairs Manager and made available to Proshare NI in Lagos Nigeria.
“In this respect, the draft Rights Issue circular and other relevant documentation have been lodged with the Regulatory Authorities for approval. Consequently, a technical suspension has been placed on trading of the Company’s shares, in accordance with Capital Market rules” the Release affirmed.
Cadbury further affirmed that as this application is subject to approval by the appropriate authorities, the Company will not be in a position to make available any further information on the offer within this intervening period.
This is coming on the heels of the last discrepancies saga in the Accounts and Reports of the company. However, Proshare NI will keep following developments regarding the fund raising and furnish investors new information.
The Release affirmed that following shareholders approval at the company’s Annual General Meeting (AGM) held on June 04 June 2009, Cadbury confirms that it has commenced the process of the Rights offer to existing shareholders.