Abbey Mortgage Bank Floats N3 billion Rights Issue

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Abbey Mortgage Bank Plc has opened acceptance list to raise about N3.03 billion new equity funds from its shareholders.

The mortgage financial institution is offering 3.69 billion ordinary shares of 50 kobo each at 82 kobo per share. The shares were pre-allotted on the basis of four new ordinary shares of 50 kobo each for every seven shares held as at October 8, 2020.

Acceptance list for the rights issue opened on Monday, January 4, 2021 and will run till Thursday, February 11, 2021.

Abbey Mortgage Bank had in February 2020 added N2.37 billion to its market capitalisation through the listing of 2.26 billion ordinary shares of 50 Kobo at N1.05 per share. The new shares arose from a private placement made to VFD Group Plc.

With the additional shares, the total issued and fully paid up shares of Abbey Mortgage Bank increased from 4.20 billion ordinary shares of 50 kobo each to 6.46 billion ordinary shares of 50 kobo each.

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