1. THE OFFER
The Renounceable Rights Share Offer of Aluworks Limited commenced on Monday, 15th March, 2010 and closed on Friday, 30th April 2010 having been extended from the originally scheduled end on Friday, 16th April 2010. The offer period was extended at the behest of shareholders who required till end of the month to organize their finances.
The offer consisted of a renounceable rights issue of 75,000,000 new ordinary shares of no par value to qualifying shareholders in the ratio of nine (9) new shares for every five (5) existing ordinary shares held. Non-shareholders were eligible to apply for the shares not taken up by existing shareholders and were to be allotted those shares by the Directors as they deemed fit.
2. RESULTS
The following provides a summary of the results of the offer:
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Number of applications:
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291
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Total Number of shares on offer:
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75,000,000
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Number of shares applied for:
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50,372,131
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3. MINIMUM SUBSCRIPTION
The offer sought to raise a total of GH¢30.0 million. However a minimum aggregate subscription of GH¢6.0 million or 20% of the amount on offer was set as the threshold for a successful offer. In the event a total of GH¢20,148,852.40 was raised under the offer.
4. ALLOTMENT & CAPITAL STRUCTURE
All subscribers were allotted their shares in full. The following is a summary of the capital structure before and after the Renounceable Rights Issue.
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Before
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After
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Authorised Number of Ordinary Shares of no par value:
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300,000,000
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300,000,000
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Issued Number of Ordinary Shares of no par value:
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41,677,911
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92,050,042
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Stated Capital (GH¢):
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5,002,000
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25,150,852.40
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5. COMMENCEMENT OF TRADING ON THE GSE
Trading in the new shares of Aluworks Limited is commenced on the Ghana Stock Exchange on 26th May 2010.
6. MAIN SHAREHOLDERS OF ALUWORKS LIMITED
Ghana Cocoa Board emerged as the largest shareholder following the exercise with a 48.27% shareholding, followed by SSNIT with 21.42%. All of the rest, both foreign and local, hold below 5% each.
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