Following the conclusion of the Cadbury Nigeria Rights Issue and the listing of our new shares by the Nigerian Stock Exchange we wish to inform all stakeholders that Cadbury Nigeria is now debt free, having paid off all the outstanding N15.2b bank debts that has weighed on our bottomline in recent years.
This was made possible by the overwhelming support received from our shareholders in our recently concluded Rights Issue. The Cadbury Nigeria Rights Issue was aimed at raising N22.2b through an offer of 7 new Ordinary Shares for every 3 Ordinary Shares held as at 26 June 2009 at 8.65 per share. The offer was 85.56% subscribed.
Beyond clearing up our historical debts, the Rights Issue proceeds are being applied to fund improvements of our Company’s capacity supporting infrastructure, efficiency initiatives and upgrade of facilities. These will complement the relentless efforts at sustaining market leadership for our brands, and in restoring good corporate governance structures in Cadbury Nigeria.
The rationale for the Cadbury Nigeria Rights Issue was equity refinancing to ensure faster success of our on-going rebuilding process and we thank all our shareholders for their support towards the success of our Rights Issue. We look forward to even more support in the next phase of the rebuilding of Cadbury Nigeria.