Sterling Bank\’s Rights Issue: 103.3% Subscribed

STERLING CAPITAL MARKETS LIMITED

On behalf of

STERLING BANK PLC

Announces the result of the allotment of the

OFFER BY WAY OF RIGHTS

To Existing Shareholders

Of

5,888,949,162

Ordinary Shares of 50 kobo each

At

N2.12 per share

With respect to the Rights Circular dated June 17, 2013

  • A total of 2,773 shareholders applied for 6,084,254,055 ordinary shares of 50k each at N2.12 per share on the basis of three (3) new ordinary shares for every eight (8) ordinary shares held as at May 20, 2013 valued at N12,898,618,596.60.
  •  9 applications with provisional allotment of 662,659 shares and additional request of 4,543 shares totaling 667,202 shares were rejected for not complying with the terms of the Issue.
  • Total valid applications processed was thus 6,083,586,853 ordinary shares of 50k each at N2.12 per share valued at N12,897,204,128.36 received from 2,764 shareholders.
  • The issue was therefore 103.31% subscribed.

The allotment was therefore prepared as follows;

  • 2,647 shareholders with provisional allotment of 3,774,218,610 ordinary shares valued at N8,001,343,453.20 accepted their rights in full and were fully allotted.
  • 49 shareholders with provisional allotment of 10,824,502 ordinary shares partially accepted 6,725,601 ordinary shares valued at N14,258,274.12, renouncing the balance of 4,098,901 ordinary shares.
  • 150 shareholders with provisional allotment of 1,429,157,696 ordinary shares traded their rights of 1,326,485,282 ordinary shares valued at N2,812,148,797.84to 68 new subscribers and renounced 102,672,414 ordinary shares.
  •  Total provisional shares allotted was thus 5,107,429,493 ordinary shares valued at N10,827,750,525.10
  •  A total of 674,748,354 ordinary shares valued at N1,430,466,510.48 were fully renounced
  • Total shares renounced is thus 781,519,669 ordinary shares valued at N1,656,821,698.28.
  • Out of the 2,647 that accepted their rights in full, 1,641 shareholders applied for additional shares totaling 976,157,360 ordinary shares and were allotted total renounced rights of 781,519,669 as shown below:
RangeApplicationsAdditional Shares
Requested
Additional Shares
Allotted
Units
 %
1 –1,000350200,439160,47380.06
1,000 – 5,0004621,263,9211,011,90680.06
5,001 – 10,0002081,723,8981,380,16780.06
10,001 – 50,0003428,690,9836,958,07380.06
50,001 – 100,0001148,952,7267,167,62780.06
100,001 – 500,00010925,198,96720,174,50280.06
500,001 – 1,000,0001411,662,5079,337,10080.06
1,000,001 – 5,000,0002866,999,25653,640,15980.06
5,000,001 – 10,000,000643,607,58634,912,59580.06
10,000,001 – 50,000,0004129,652,515103,800,87880.06
50,000,001 – 1,000,000,0004678,204,562542,976,19180.06
TOTAL1,641976,157,360781,519,669

Excess monies in respect of unallotted shares and rejected applications would be dispatched to the respective shareholders through registered post not later than Friday, January 3, 2014, by the Registrars to the Issue, Sterling Registrars Limited, 8thFloor, Knight Frank Building, 24 Campbell Street, Lagos.

Share Certificates in the names of successful allottees will be dispatched to the allottees through Registered Post or re-allotment would be made through the Central Securities Clearing System by the Registrars to the Issue, Sterling Registrars Limited, 8thFloor, Knight Frank Building, 24 Campbell Street, Lagos; not later than Friday, January 17, 2014.

The above-stated basis of allotment as well as this announcement has been cleared by the Securities & Exchange Commission.

ISSUING HOUSE

Sterling Capital Markets Limited
Nigerian Stock Exchange Building
19th Floor
2-4 Customs Street
Marina, Lagos
Tel:+234-1-2802226

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