The Agricultural Development Bank Limited (ADB) has been granted approval by the Securities and Exchange Commission to extend its initial public offer (IPO).
A statement issued by the bank, the offer which was to end today, Friday, February 26, 2016, has now been extended to March 24, 2016.
ADB has stated that it is hopeful of listing on the Ghana Stock Exchange (GSE) by April 25 of this year.
Below is the full statement.
The Agricultural Development Bank Limited (ADB) has announced that the Securities and Exchange Commission has granted it an extension to its Initial Public Offer (IPO) offer period which was supposed to have ended on 26 February, 2016.
As a result of the Extension, the Offer Period will now end on 24 March, 2016.
Below is a timetable for the revised offer:
| Activity | Date | Time |
| Recommencement of Offer Period | 23 December 2015 | 9:00am |
| End of Offer Period | 24 March 2016 | 5:00pm |
| Application Forms review for allotment commences | 29 March 2016 | 9:00am |
| End of allotment and submission of results to the SEC | 11 April 2016 | 5:00pm |
| Crediting of ADB Shares to successful applicants | 18 April 2016 | 5:00pm |
| Commence dispatching letters to successful applicants | 21 April 2016 | 9:00am |
| Refunds to unsuccessful applicants | 21 April 2016 | 10:00am |
| Listing of all ADB Shares. First day of trading on GSE | 25 April 2016 | 10:00am |
Shares can be bought at any ADB branch, any Standard Chartered Bank (“SCB”) branch, IC Securities (Ghana) Limited or any Licensed Dealing Member (“LDM”) of the Ghana Stock Exchange (“GSE”).
Further details on the IPO are contained in the Offer Prospectus which can be obtained from any ADB branch, any SCB branch, IC Securities (Ghana) Limited, any LDM of the GSE or www.adbipo.com.
Before deciding whether to apply for the ADB Shares, you should consider whether the ADB Shares are a suitable investment for you.
Their value can go up as well as down. Past performance is not necessarily indicative of future performance. If you need advice, you should consult a suitable professional advisor.
Source: B&FT Online