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Red Star Express Revises Rights Issue Terms, Offers 336.855m Shares At N4 Each

The board of Red Star Express Plc, on Thursday, announced a revision of its proposed rights issue terms as stated in the Securities & Exchange Commission (SEC) approved circular.
While the qualification date for the rights issue remains unchanged as of August 21, 2019, unlike in the previous offer document, the company now seeks to raise N1.347bn, slightly more than the previous N1.326bn.
Under the new terms, shareholders are now being offered 336,855,291 ordinary shares of 50 kobo each at N4.00 in the ratio of four new ordinary shares for every seven units; up from the previous 294,748,380 units of 50 kobo at N4.50 each, at one new ordinary share for every two held as at close of business on August 21, 2019.
The rights issue is expected to remain open between November 11 and December 18, 2019.

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