Cadbury Poised For US$150mn Rights Issue

Cadbury Nigeria has submitted an application with the Nigerian Stock Exchange for a rights issue worth NGN22bn (US$150mn) as it makes a concerted effort to trim the estimated US$100mn in bank debt it is believed to be holding. A subsidiary of UK-based Cadbury Schweppes, Cadbury Nigeria is trying to sell 2.57bn ordinary shares at NGN8.65 per share (the price represents a 36.1% discount on the company's closing share price on June 29 2009). Earlier in 2009, BMI reported that the company posted a net loss of NGN2.8bn for FY08 (its third in succession). The rights issue should improve Cadbury Nigeria's

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