NIC Bank will issue 98,724,391 rights to purchase New Ordinary Shares at an Offer Price of Sh21 per share, which is a 43 percent discount from the latest price of NIC Bank on the Nairobi Securities Exchange (NSE) as of July 18.

The rights will be issued in the ratio of one New Ordinary Share for every four Ordinary Shares held.

Shareholders in the register as of July 30 will be entitled to participate in the Rights Issue.

The trading of the rights on the NSE will commence on August 27 and end on September 7 and the Rights Issue will close on September 14.

http://www.capitalfm.co.ke/busi...ghts-issue-gets-the-nod/

@sparkly, et al, also see that that a 1:10 bonus issue will immediately follow the 1:4 rights issue

The holders of the new shares will be entitled to receive additional bonus shares in the ratio of one bonus share to every ten New Shares after the rights issue.

This means that for every 10 new shares applied for and allotted, shareholders will be entitled to receive one additional bonus share subject to the CMA’s approval of the proposed bonus issue.


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@bartum, dilution abound.

However, the rights issue will be a success. 75.70% of NIC is owned by local institutional investors who will grab the highly discounted rights. The top most investor (First Chartered Securities) owning 15.84% has already confirmed that she is taking her rights

lets just say that I sparkly will be applying for additional rights by the bucket load. Easy gains!

Timetable here: http://t.co/UWWTXawl