IPO was successful - Ecobank

Accra, June 23, GNA - Ecobank Ghana says its share offer to raise 91.02 billion cedis has been "overly successful", leading to oversubscription of 115 per cent. A statement from the Lead Managers, Ecobank Stockbrokers and Strategic African Securities Limited copied to the Ghana Stock Exchange said that the Bank received qualifying applications from more than 17 million subscribers, amounting to 195.4 billion cedis. Consequently, the Bank would refund a total amount of more than 104.4 billion cedis to the unsuccessful applicants and those who applied for more than the minimum application of two hundred shares. The Directors of Ecobank Ghana issued 8.275 million shares under the offer. Each qualified applicant received a minimum of 200 new Ecobank Ghana shares. The remaining shares were proportionally distributed among applicants, who bid to buy more than 200 shares.

The statement said as regard the condition of offer stated in the Ecobank Ghana Prospectus of 15 May 2006, the lead managers had returned the balance of the amount paid on application by way of bulk cheques to receiving agents. Each receiving agent would issue refund cheques to their clients. Applicants are, therefore, to contact the receiving agent from whom they purchased their shares through to pick up their refund cheques from Tuesday June 27, 2006.

The statement asked applicants wishing to pick up their refund to either bring along a valid passport, driver's licence or voters ID, or a duly executed Authority Note or Power of Attorney where the person wishing to pick up the refund cheque was acting on behalf of an applicant. In addition applicants should bring along a copy of the receipt or counterfoil issued to them by the receiving agent on their application for the shares. The requirements of evidence, the statement explained, were necessary to protect investors. The statement said the Lead Managers were currently working with the Registrars of Ecobank Ghana to issue and mail share certificates to all successful applicants by Friday July 7, 2006 to pave the way for the trading of the shares on the Ghana Stock Exchange on Friday July 14, 2006.