Oando Plc - Why you should take up the rights issue - BGL


Wednesday, January 23, 2013 / BGL Research

Oando Plc (‘Oando’) is currently in the market to raise N54.579 through a rights issue of 4.548 billion ordinary shares of 50k at N12.00 each. The offer opened on December 28, 2012 in Nigeria and on January 4, 2013 in South Africa with a planned closing date of February 06, 2013...

Oando intends to utilise about 45% (N23.70 billion) of the offer proceeds to part finance the acquisition of the upstream assets of Conoco Phillips Nigeria Limited....

According to the company’s offer document, 52% (N27.78 billion) of the net proceeds from the rights issue will be used to improve its leverage position as well as its balance sheet by repaying parts of the N60 billion syndicated loans secured from commercial banks in Nigeria....

We advise you to take up the rights issue based on strong potential upside for Oando Plc...

For more information, Please click the following link: Equity Note: Oando Plc - Why you should take up the rights issue


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