adb rejects subscriber offer of GH¢2

The Agricultural Development Bank Limited (adb) has rejected the GH¢2.00 offer the subscribers of its Initial Public Offer (IPO) have made instead of the GH¢2.65 contained in their prospectus.

“The adb wishes to bring to the attention of subscribers of its IPO, its shareholders, the investor community, customers of the bank and other stakeholders that the bank has rejected offers made by all subscribers of its IPO at GH¢2.00 instead of GH¢2.65 as contained in its prospectus,” it said.

A statement signed by Nana Soglo Alloh IV, the Board Chairman of the bank and copied to the Ghana News Agency in Accra, said following the bank’s rejection of offers made at GH¢2.00 and the directive from the Securities and Exchange Commission (SEC), the bank had directed IC Securities, their transaction advisor, to return to applicants all monies received in respect of the offer.

It said consequently IC Securities would shortly issue a notice to subscribers of the IPO on the modalities for the refund.

The statement said the bank was desirous and determined to be part of the capital market through the listing of its shares on the Ghana Stock Exchange and was, therefore, in consultation with its shareholders, the SEC, and other stakeholders to re-launch its offer as soon as possible.

“Investors, customers and the general public are, therefore, assured that, another opportunity will soon be presented to them to be part owners of this bank which has a huge potential,” it said.

Source: GNA