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Sunday, January 31, 2021 / 07:00 AM / By SEC / Header Image Credit: Pexels
The SUNDRY AMENDMENT on AMOUNT TO BE UNDERWRITTEN/RULE 517; TIME AMOUNT
TO BE UNDERWRITTEN IS TO BE MADE AVAILABLE/RULE 519 in Nigeria
Full Text of the Existing
Rule -
517. Amount to be
Underwritten
52
(i) Where the issue is underwritten, the amount or percentage of the issue underwritten by any Underwriter shall not be less than 35% of the number of units issued for subscription.
(ii) The level of
underwriting commitment by a single underwriter at any time shall not be more
than 3 times its shareholders funds.
519. Time Amount
Underwritten is to be made available
The underwriter(s) shall
make the amount underwritten available to the issuer on the day the offer opens
Proposed Amendment - Deletion of 519 and Merging Same into 517 to read as follows: Amount to be
Underwritten and Disclosure Time
(517) Amount to be
Underwritten and Disclosure Time
(i) Where the issue is
underwritten, the amount or percentage of the issue underwritten by any
Underwriter shall not be less than 35% of the number of
units issued for
subscription.
(ii) The level of
underwriting commitment by a single underwriter at any time shall not be more
than 3 times its shareholders funds.
(iii) The
underwriter(s) shall make the amount underwritten available to the issuer on
the day the offer opens
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