Sign in Subscribe
Stock offerings

CalBank Plc Converts Preference Shares into Ordinary Shares

Strategic Insights

— 2 min read

Following approvals from the Board of Directors and shareholders at the 2025 Annual General Meeting, CalBank Plc will convert its outstanding preference shares into ordinary shares. The conversion, scheduled to take effect on June 2, 2025, will involve a one-for-one exchange of the 47,765,376 preference shares initially issued under a renounceable rights issue completed on July 8, 2024. The trading of preference shares on the Ghana Stock Exchange (GSE) will continue until May 27, 2025, with the suspension of trading set for the following day. This move is part of CalBank's efforts to optimize its capital framework within the designated market category.

Key Takeaways:

  • The Board of Directors and shareholders at the 2025 Annual General Meeting approved the conversion of CalBank Plc's outstanding preference shares into ordinary shares.
  • The conversion will involve a one-for-one exchange of the 47,765,376 preference shares initially issued under a renounceable rights issue completed on July 8, 2024.
  • Trading of preference shares on the Ghana Stock Exchange (GSE) will continue until May 27, 2025, with the suspension of trading set for May 28, 2025.
  • The record date for shareholders is May 30, 2025, ensuring that all conversion-related activities align with the provisions of Section 1.5.3 of the Rights Issue Offer Circular dated January 30, 2024.
  • The newly converted ordinary shares will be credited to the accounts of preference shareholders on June 2, 2025, coinciding with the conversion date.
  • These shares will be available for additional listing and trading on the GSE on June 4, 2025, starting at 9:30 am.
  • This move is part of CalBank's efforts to optimize its capital framework within the designated market category.
  • The process will adhere to a detailed timetable as per information available from The Ghana Stock Exchange (GSE).

Statistics:

  • 47,765,376 preference shares will be converted into ordinary shares on a one-for-one basis.
  • Trading of preference shares on the GSE will continue until May 27, 2025.
  • The suspension of trading is set for May 28, 2025.
  • The record date for shareholders is May 30, 2025.
  • The newly converted ordinary shares will be credited to the accounts of preference shareholders on June 2, 2025.
  • The shares will be available for additional listing and trading on the GSE on June 4, 2025, starting at 9:30 am.

Sources:

  • CalBank Plc announcement, 23 May 2025
  • Ghana Stock Exchange (GSE), The Ghana Stock Exchange News, 23 May 2025
  • Rights Issue Offer Circular, dated January 30, 2024

Read more