INVESTORS
EXPRESS CONFIDENCE IN DUNLOP
...Public
Offer Records 216% Subscription.
Dunlop Nigeria Plc, the
leading Tyre manufacturing and marketing company in Nigeria,
has announced a cumulative 178% subscription of its Public
Offer and Rights Issue.
According to the breakdown of the allotment which was
announced by the Company, a total of 3.3 billon ordinary
shares of 50k each at N2.50k representing 217% were
subscribed by way of Public offer while 756 million ordinary
shares of 50k each at N2.30k representing 100% were
subscribed by way of Rights.
With the above levels of subscription, the Company has been
able to generate net proceeds amounting to =N=9.2 billion,
comprising of N7.5 billion and N1.7 billion from Public
Offer and Rights Issue respectively.
Confirming the result, the Group Managing Director, Mr.
Mohammed Yinusa, explained that the oversubscription of the
Public Offer is a great testimony of the fact that the
investing public has a very strong confidence in the
Dunlop’s dream of “superior value creation” and the promise
of “excellent value delivery to all stakeholders”.
He gave an assurance that the Management will ensure a
return of the Company to decent corporate performance in
order to justify the confidence demonstrated by the
investing public and all concerned stakeholders.
Furthermore, he explained that the proceeds of the Public
Offer and Rights Issue will enable the Company to
successfully undertake its refinancing initiatives for the
recently commissioned Truck Radial Factory, whilst also
providing funds for the adequate level of working capital
for the expanded Company, which would ultimately enhance the
Company’s growth and profitability in an increasingly
competitive Market.
He particularly thanked all existing shareholders, as well
as employees, for ensuring the success of both the Rights
Issue and Public Offer.
Mr. Abiona Babarinde
Public Relations Manager
Mobile No; 0805-332-0910
Email: aababarinde@dunlopng.com
May 14, 2007.
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