The N1.3 billion rights issue of The Initiates, which commenced on Wednesday, November 5, 2025, has been extended.
The exercise, which is on the basis of one new ordinary share for every existing five ordinary shares held as of the close of business on Friday, August 1, 2025, was scheduled to close on Friday, December 12, 2025.
However, the period of the rights issue has been stretched by an addition month, leaving the new closing date at Monday, January 12, 2026.
This extension was approved by the Securities and Exchange Commission (SEC), the highest regulatory agency for the Nigerian capital market.
The Initiates, which operates as an environmental and waste management organisation, is offering in the rights issue a total of 177,996,310 units of its stocks to existing shareholders at a unit price of N7.00.