Upon the decision of the Supreme Court, the immediate legal constraints on ADB to re-open the IPO have been removed.The Securities and Exchange Commission (“SEC”) has since approved the re-opening of the ADB IPO
The Agricultural Development Bank Limited (“ADB”) announces the re-opening of its Accra, 23 Initial Public Offer (“IPO”) after the two applications filed at the Supreme Court of Ghana for an order of Interlocutory Injunction and a writ to invoke the Original Jurisdiction of the Supreme Court Article 2,130,181(1)(3) and (5) of the 1992 constitution: Rule 45 of the Supreme Court Rules 1996(CI 16) by Dr Mark Assibey-Yeboah and the Union of Industry, Commerce & Finance (“UNICOF”) respectively, were struck out as withdrawn by the Supreme Court of Justice of Ghana.
The Supreme Court of Justice of Ghana, upon a voluntary application by Dr Mark Assibey-Yeboah and UNICOF to withdraw their applications after a review of their legal position, on 22nd September 2015 and 29th September 2015 respectively, struck out both applications as withdrawn.
Upon the decision of the Supreme Court, the immediate legal constraints on ADB to re-open the IPO have been removed. The Securities and Exchange Commission (“SEC”) has since approved the re-opening of the ADB IPO and the revised timetable for the IPO as follows:
Recommencement of Offer Period, 23 December 2015, 9:00am; End of Offer Period, 26 February 2016, 5:00pm;Application Forms review for allotment commences on 9 February 2016, 9:00am; End of allotment and submission of results to the SEC , 11 March 2016 at 5:00pm; Crediting of ADB Shares to successful applicants, 18 March 2016 at 5:00pm; Commence dispatching letters to successful applicants , 21 March 2016 at 9:00am; Refunds to unsuccessful applicants , 21 March 2016 at 10:00am and finally, First day of trading on the 23rd of March 2016 at 10: am.
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”) at GHS 2.65 per share.
Each application under the IPO must be for a minimum of 100 ADB Shares amounting to GHS 265.00 and in multiples of 10 ADB Shares thereafter.
A number of investors, who may each subscribe to more than 10% of ADB’s ordinary share capital, are conducting additional due diligence on ADB, including a review of ADB’s full year 2015 financials.
If the additional due diligence results in a change in the Offer Price, a public announcement will be made, in accordance with all applicable laws and regulations, and all subscriptions will be adjusted to reflect the new Offer Price.
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.
Read More: > IPO saga Afenyo Markin withdraws suit against ADB
ADB has had to battle stiff opposition from a fraction of its employees who were not enthused about the idea of the company listing on the Ghana Stock Exchange. This led to the Union of Industry, Commerce and Finance Workers (UNICOF) of the Trades Union Congress (TUC) challenging the process in court.
ADB, however, emerged victorious and was given the green light by the High Court to continue with the IPO.