CalBank Plc has announced significant developments regarding its GH¢600 million Rights Issue, following the discontinuation of legal action that had initially placed the capital raising initiative in jeopardy.
Earlier this year, a minority shareholder had obtained an injunction against CalBank’s Rights Issue, raising concerns about the bank’s planned capital raising efforts.
However, in a recent statement to its shareholders and the investing public, CalBank confirmed that the legal challenge has been resolved, allowing the bank to proceed with its capital raising plans.
The bank disclosed that it has received approval from the Securities and Exchange Commission (SEC) to resume the allotment of shares and proceed with the remaining activities of the Rights Issue.
According to CalBank, the credit offer of shares to successful applicants registered on the Central Securities Depository (CSD) will commence between June 28 and July 5, 2024.
Furthermore, CalBank outlined its timeline for subsequent activities related to the Rights Issue. The additional listing of offer shares for trading on the Ghana Stock Exchange (GSE) is scheduled for July 8, 2024. Simultaneously, the bank will process refunds to unsuccessful applicants by the same date, ensuring a streamlined process for all stakeholders involved.
In concluding its announcement, CalBank expressed appreciation for the ongoing support received from its shareholders and regulatory authorities throughout the resolution of the legal challenge and the resumption of its capital raising efforts.
