Guinness rights issue begins

By Kofi Ahovi
Guinness Ghana Breweries Limited’s (GGBL) has commenced its renounceable rights issue to raise approximately GHc70 million by issuing 46.7 million ordinary shares of no par value at GHc1.50 per share.

The offer, which will be in a ratio of 1 new share for every 3.5287 existing shares held, started on 17 October 2011 and its expected to close on 14 November 2011.

The rights issue was approval by shareholders at the company’s Extra-ordinary General Meeting held in June 201.

Pursuant to section 34 of the Companies Code 1963 (Act 179) and regulations 40(b) and 44(3) of the Ghana Stock Exchange Listing Rules, 2006 the Register of Members of GGBL will be closed to the general public on 30 September 2011 to 03 October 2011 (both days inclusive).

The ex-rights and qualifying dates for the offer have been set for September 28 2011 and 30 September 2011 respectively. Only shareholders on the register of members of GGBL as at the close of business on September 30 2011 will be entitled to participate in this Offer.

Applications will only be accepted from qualifying shareholders or investors who have had rights renounced in their favour, subject to the rules of the GSE, the terms of the offer and other applicable laws.

The proceeds from the offer will enable GGBL to reduce its trade and interest bearing debt and allow the company to continue to invest in capital projects to take advantage of growth opportunities in Ghana.

The Securities and Exchange Commission (SEC) approved GGBL’s Renounceable Rights Issue Prospectus early this September. GSE on August 25 2011also gave GGBL approval to list additional shares pursuant to a successful offer.

IC Securities (Ghana) Limited is acting as financial advisor and sponsoring broker to GGBL in connection with the offer.

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