Accra, 11th January 2016 – The Agricultural Development Bank Limited (“ADB”) announces that the Board of Directors of ADB (the “Board”) received a letter on 8 January, 2016 from the Managing Director of ADB stating his decision not to seek an extension to his contract which expires on 31 January, 2016.
The Board has accepted the Managing Director’s decision not to seek an extension to his contract and is in the process of seeking his successor. ADB will make further announcements as required, in accordance with all applicable laws and regulations.
ADB wishes to reiterate that its Initial Public Offer (“IPO”) process continues as planned, per the previously announced timetable below:
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 Offe r 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.
Before deciding whether to apply for the ADB Shares, you should consider whether the ADB Shares are a suitable investment for you. Their value can go up as well as down. Past performance is not necessarily indicative of future performance. If you need advice, you should consult a suitable professional advisor.
ISSUED BY AGRICULTURAL DEVELOPMENT BANK LIMITED
Marketing & Communications