NDEP to raise N50b

[stockmillions]

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Niger Delta Exploration and Production Plc (NDEP) is seeking to raise fresh funds of about N50 billion through a hybrid offer by way of offer for subscription, Rights Issue and Private Placement (PP) respectively. This was contained in a document made available to Proshare NI today in Lagos Nigeria.

The company is billed to have an Extra-Ordinary General Meeting (EGM) to be held in Lagos on June 06, 2008.

At the EGM, NDEP would increase its authorised share capital from N1.00 billion to N2.750 billion by the creation of 175 million Ordinary Shares of N10.00 Kobo each ranking in pari-passu with the existing shares of the company.

Amongst the special business to be discussed at the EGM is that if Regulatory Authorities and the Directors of the company gives its approval, NDEP wishes to raise additional capital of up to N41 billion or any fraction thereof either locally or internationally by way of offer for subscription.

The company also intends to raise additional capital of up to the sum of N3.0 billion through Rights Issue and N6.0 billion by way of Placement respectively, bringing amount to a total of about N50 billion.

Both the offer for subscription and Rights is at a price per share to be approved by the Directors at the upcoming EGM, while the Placement to selected investors is put at a price of N155.00 per share.

[BLUEMONEY]

Hello stockmillions,
A thread already exits for this PP. Cheers.