After several postponements, Core Trust & Investment Limited (CORETRUST) is now set to raise N2.6 billion through a hybrid offer of Private Placement (PP) and Rights Issue. Adewale Yusuf, Head of Operations (HOO) of the company confirmed this to Proshare NI today in
Prior to this time, Fisayo Oyedeji, Chief Executive Officer (CEO) of the company had on several occasions confirmed to Proshare NI reasons the offer did not commence as scheduled.
Chief among the reasons mentioned include the Market Meltdown experienced on the NationÃƒÆ’Ã†â€™Ãƒâ€ Ã¢â‚¬â„¢ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã†â€™Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â‚¬Å¡Ã‚Â¬Ãƒâ€¦Ã‚Â¡ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â¬ÃƒÆ’Ã†â€™Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â‚¬Å¡Ã‚Â¬Ãƒâ€¦Ã‚Â¾ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â¢s Stock Market.
Others are the observations made by CORETRUST Financial Advisers in connection with the hybrid offer; which needed to be sorted out by the Board of Directors (BOD) of the company and the pricing of the hybrid offer.
However, the amount to be raise continued to change as earlier reported by Proshare NI, at the first instance, the company had wanted to raise N5.0 billion and subsequently it changed to N8.7 billion and now N2.6 billion.
Yusuf affirmed to Proshare NI that to raise the N2.6 billion, CORETRUST would offer to select investors about 7.0 billion Ordinary shares of 50 Kobo each at N1.50 and N1.20 Kobo per share for the Placement and Rights respectively.
In the same vein, the hybrid offer would open Monday December 15, 2008 and Issuing House is Capital Asset Limited.
As earlier reported by Proshare, 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 firms 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.
As at the time of writing this report, Proshare NI could not get further details as regards the CORETRUST hybrid offer; until it opens December 15, 2008.