Eterna proposes to raise fresh funds through PO

Eterna proposes to raise fresh funds through PO

As shareholders calls for Rights

Eterna Oil & Gas Plc, a player in the Petroleum Marketing Sector of the Nigerian Stock Exchange (NSE) has proposed to raise fresh funds through a Public Offer (PO), while its shareholders have called for a Rights Issue. This was gathered by Proshare NI at the company’s 18th Annual General Meeting (AGM) held today in Lagos Nigeria.

The company has discussed as part of its special business at the AGM to raise equity and/ or debt capital from the general public subject to the approval of regulatory authorities.

However, the shareholders of the company suggested that instead of raising the fresh funds through an offer, it should be done by way of Rights to existing shareholders.

Though as at the time of filling in this report, the amount to be raised, price and date are yet to be decided and made public; until the regulators give their approval.

The company increased its Turnover from N3.512 billion in year 2006 to N4.907 in year 2007 indicating an increase of 40 percent in the period under review.

Eterna Oil did not pay dividend to its shareholders in the 2007 Financial Year End (FYE), rather it gave a bonus of one Ordinary Share of 50 Kobo for every five Ordinary Shares of 50 Kobo held by investors.