ADB Press Release

ADB ANNOUNCES THE RE-OPENING OF ITS INITIAL PUBLIC OFFER (“IPO”)

Accra, 23rd December 2015 – The Agricultural Development Bank Limited (“ADB”) announces the re-opening of its Initial Public Offer (“IPO”) after the two applications filed at the Supreme Court of Ghana for an order of Interlocutory Injunction and a writ to invoke the Original Jurisdiction of the Supreme Court Article 2,130,181(1)(3) and (5) of the 1992 constitution: Rule 45 of the Supreme Court Rules 1996(CI 16) by Dr Mark Assibey-Yeboah and the Union of Industry, Commerce & Finance (“UNICOF”) respectively, were struck out as withdrawn by the Supreme Court of Justice of Ghana. 

The Supreme Court of Justice of Ghana, upon a voluntary application by Dr Mark Assibey-Yeboah and UNICOF to withdraw their applications after a review of their legal position, on 22nd September 2015 and 29th September 2015 respectively, struck out both applications as withdrawn. Upon the decision of the Supreme Court, the immediate legal constraints on ADB to re-open the IPO have been removed. 

The Securities and Exchange Commission (“SEC”) has since approved the re-opening of the ADB IPO and the revised timetable for the IPO as follows: Activity                                                                                                         Date                                   Time 
Recommencement of Offer Period                                                         23 December 2015       9:00am 
End of Offer Period                                                                                    26 February 2016          5:00pm 
Application Forms review for allotment commences                           29 February 2016          9:00am 
End of allotment and submission of results to the SEC                      11 March 2016               5:00pm 
Crediting of ADB Shares to successful applicants                               18 March 2016               5:00pm 
Commence dispatching letters to successful applicants                     21 March 2016              9:00am 
Refunds to unsuccessful applicants                                                        21 March 2016             10:00am 

Listing of all ADB Shares. First day of trading on GSE                         23 March 2016             10:00am 

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. 

Press Contacts:

Solomon Adu Atefoe ( Marketing & Communication Manager) , 0302 210 210 satefoe@agricbank.com

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