SG-SSB Limited (SG-SSB) is pleased to announce a Renounceable Rights Offer (the Offer) of 57,500,000 ordinary shares of no par value at GH¢ 0.40 (40Gp) per share to qualifying shareholders. This represents a 33% discount on the current market price of GH¢ 0.60 (as at September 8, 2009). The Offer will be made in a ratio of one (1) new share for every 5 shares held. The Offer was approved at SG-SSB’s Annual General Meeting held on March 25, 2009.
Pursuant to section 34 of the Companies Code 1963 (Act 179) and the Ghana Stock Exchange Listing Rules, the Register of Members of SG-SSB will be closed to the general public from Monday, September 28, 2009 to Wednesday, September 30, 2009 (both dates inclusive).
The Ex-Rights Date has been set as Wednesday, September 23, 2009 and the Qualifying Date has been set as Friday, September 25, 2009. Consequently, only shareholders on the Register of Members of SG-SSB at the close of business on Friday, September 25, 2009 will be entitled to exercise Rights under the Offer. Investors purchasing SG-SSB shares on or after Wednesday, September 23, 2009 (Ex-Rights date) shall not qualify to exercise Rights under this Offer.
Applications for extra shares will also be invited under this Offer from qualifying shareholders and investors who have been named as renouncees by qualifying shareholders under this offer, subject to the Rules of the Ghana Stock Exchange, the terms of the Offer and other applicable laws. Applications for extra shares may be allotted such shares not subscribed for by qualifying shareholders or as may be duly renounced in their favour.
The proceeds from the offer are expected to enable the bank meet the new minimum capital requirement set by the Bank of Ghana (BOG), enhance its competitive edge, deal with new challenges, and take advantage of the expectant growth in the economy.
The SG-SSB Rights Offer Circular was approved by the Securities and Exchange Commission and the Ghana Stock Exchange on September 3, 2009 and August 25, 2009, respectively. The Offer Circular will shortly be sent to qualifying shareholders.
Issued by:
SG-SSB Limited