Details As Fidson Healthcare Fails To Meet Capital Target

Nairametrics

Pharmaceutical firm, Fidson Healthcare Plc has listed more shares on the Nigerian Stock Exchange (NSE). The company disclosed that the additional shares were listed by way of a Rights Issue, however, the targeted capital was not raised.

Fidson listed 586,360,250 million Ordinary Shares on Monday, July 1, 2019. The additional shares listing on the Nigerian Stock Exchange, according to a statement is as a result of Fidson Healthcare’s Rights Issue of 750,000,000 ordinary shares of 50 kobo each at N4.00 per share on the basis of 1 new ordinary share for every 2 ordinary shares held as at December 28 2018.

Fidson only achieved 78.18% of what it expected to raise. This makes the total issued and fully paid up shares of Fidson Healthcare to increase to 2,086,360,250 ordinary shares from 1,500,000,000 after the additional 586,360,250 ordinary shares. Nairametrics learnt the company raised N2.3 billion as against the N3 billion target it expected to raise from the issue.
Although the reason for the public offer to raise funds was not specified, it is believed that Fidson intends to use the realized funds for its operations, as it prepares to receive a major business portfolio from GlaxoSmithKline.