Shareholders of Dia­mond Bank Plc have asked its management to extend the closing date of the ongoing Rights Issue to enable them maximize the opportunity to take up their allotted shares. The Rights Issue, which opened on Wednesday, July 30, 2014, is expected to close tomorrow, Tuesday, August 26 , 2014.
A source close to the bank said the appeal for extension was a common theme during the bank’s nationwide Share­holders’ Forum held in Lagos, Abuja, Port Harcourt and Ow­erri. Our source explained that the investors hinged their reason on the huge expenses incurred during the last Eid-El Fitri cel­ebrations which came up dur­ing the last weekend of July while the opening of the Issue also came up at the end of the same month.  ‘Majority of them explained that coupled with the fact that salary payments are not due for workers in Nigeria until the end of month, raising meaningful investment capital will be a big challenge, hence, the appeal for extension’.
In Abuja, Sulaimon Laban noted: “We ended the Eid-El-Fitri celebations not too long ago and this came with some expenses. Currently, many interested inves­tors are low on capital. I will like to invest in the Rights Issue as the shares I have in Diamond Bank are very profitable and I see this as an opportunity to increase the val­ue of my stakes. I hope the bank’s management will accede to the request of shareholders, especially in view of the festivities that have just ended. Many of my friends who are shareholders in the bank feel the same way.”
Alhaja Bilikisu Amuda, a shareholder in Lagos, expressed similar sentiments and hoped that the bank’s management “will ap­peal to the relevant authorities to have the closing date extended in the interest of concerned share­holders.”
Speaking at the Port Harcourt Forum, Amaopusenibo Oboma­nu, Exco member of the Port Har­court Shareholders Association, said “I think the Diamond Bank Offer is a very good idea and shareholders in Port Harcourt are likely to take up every share be­cause the bank has done very well in the last three years. However, I will like to appeal to the bank’s management to extend the closing date to enable people raise enough money at the end of the month to take up all their rights.”
In Owerri, Prof. R. N. Echebiri of the Department of Agricultural Economics, Michael Opara Uni­versity of Agriculture, Umudike, Abia State, charged the bank’s management to impress the rele­vant authorities on the need for an extension to enable shareholders pool enough resources for invest­ment.
He said: “The performance of Diamond Bank has been impres­sive so far and the bank is cur­rently on top on all indices of per­formance. I will surely pick up my share and possibly ask for more. In view of the common sentiment at this gathering, I will like to appeal to its management led by Dr. Otti, to make spirited efforts to have the Issue period extended so share­holders can gather enough money to invest. You are aware that this is just the middle of the month and it may be very challenging to raise investment capital.”

Rights Issue: Diamond shareholders call for extension