Intravenous Infusions Limited (IIL), has temporarily suspended its Initial Public Offer (IPO) and plans to list on the Ghana Alternative Market (GAX).
“This is due to the termination of the appointment of First Atlantic Brokers Limited (FABL), the Lead Manager and Sponsoring Broker for its inability to fulfill the underwriting obligation of providing the payment guarantee for the minimum amount to be raised to make the offer successful, which is a condition precedent”, a statement from the Ghana Stock Exchange (GSE) dated March 12, 2015 said.
The Ghana Alternative Market is operated by the GSE.
The GSE has assured firm efforts are being made by the pharceutical company to appoint a new Lead Manager and a Sponsoring Broker to continue and carry through with the transaction.
“Any person(s) who have made arrangements with IIL concerning the offer are assured that their arrangements are still valid”, the release said.
Read the entire GSE release below:
iIntravenous Infusions Limited (IIL), with the approval of the Securities and Exchange Commission and the Ghana Stock Exchange wish to bring to the notice of all Brokerage Firms and the general public that the Initial Public Offer (IPO) of Intravenous Infusions Limited and listing on the Ghana Alternative Market (GAX) has been temporarily put on hold.
This is due to the termination of the appointment of First Atlantic Brokers Limited (FABL), the Lead Manager and Sponsoring Broker for its inability to fulfill the underwriting obligation of providing the payment guarantee for the minimum amount to be raised to make the offer successful, which is a condition precedent.
Efforts are being made by the Issuer to appoint a new Lead Manager and a Sponsoring Broker to continue and carry through with the transaction.
Any person(s) who have made arrangements with ILL concerning the offer are assured that their arrangements are still valid.
For further clarification you may contact the Management of Intravenous Infusions Limited on Telephone Numbers 0208089248 and 0208134987.
Issued in Accra, this 12th
day of March, 2015
