SEC extends offer period for Mutual Benefits’ rights issue

Mutual Benefits Assurance Plc has received Security Exchange Commission (SEC)’s approval for an extension of the offer period of its Rights Issue. The Acceptance List for the Rights Issue which opened Monday 6th August, and billed to close Friday 14th September, will now close Friday 28th September 2018.
The extension will afford shareholders who have not been able to exercise their rights the opportunity to do so.
Commenting on the development, Akin Ogunbiyi, chairman of the Company said that the company “is optimistic that the exercise will be fully subscribed, given the massive support and expression of interest received from our shareholders.”
The proceeds from the Rights Issue will enable Mutual Benefits carry out its recapitalization and growth plan, provide additional working capital and finance the transformation of its IT infrastructure to support the Company’s enlarged operations
The shares are being offered to existing shareholders by way of Rights Issue of 4,000,000,000 ordinary shares of 50 kobo each at 50 kobo per share on the basis of one new ordinary share for every two ordinary shares held by shareholders, whose names appeared in the register of members as at close of business on 31stOctober, 2017.