Abu Dhabi Islamic Bank (ADIB) has set out key dates for its rights issue. This follows the General Meeting held on 19 August which approved to raise the bank's Paid and Issued Share Capital through a tradeable rights issue of 464 million new shares to its shareholders, worth AED 1 billion.
Each shareholder will have the right to subscribe to 29 new shares for every 198 shares held at 2:00 pm on 10th September 2018, and subscription will start on 25th September, and end on 9th October.
Each right grants its holder the eligibility to subscribe to one new share at an issue price of AED 2.16 per share, reflecting the nominal value of AED 1 per share, and a share premium of AED 1.16 per share. This represents a 45 percent discount to the market share price as of 25th July 2018. Shareholders will have the option of trading their rights during the trading period through the Abu Dhabi Securities Exchange between 25th September and 09th October.
The following table reflects the important dates for subscription:
|Eligibility Date of Rights||13 September 2018|
|First day of trading in Rights||18 September 2018|
|Last day of trading in Rights||2 October 2018|
|Subscription opening date||25 September 2018|
|Subscription closing date||9 October 2018|
|Date of allocation||on or before 16 October 2018|
|Refund||23 October 2018|
|General information relating to the company|
|Current issued share capital||AED 3,168,000,000|
|Current number of issued shares||3,168,000,000 shares|
|Share capital after increase||AED 3,632,000,000|
|Receiving Bank||ADIB and its branches|
|Auditor||Ernst & Young Middle East|
Emirates NBD Securities LLC