ABUJA, Nigeria, February 26 /PRNewswire/ --
The Central Bank of Nigeria (the "Central Bank") has launched today an invitation addressed to the holders of its Payment Adjustment Warrants issued in 1991 (the "Oil Warrants") and representing the Central Bank's Payment Adjustment Rights (the "Rights") to submit, in a modified Dutch auction, offers to sell the Oil Warrants back to the Central Bank for cash. The invitation and withdrawal rights will expire at 5:00 P.M., CET, on March 23, 26 Feb. (unless extended by the Central Bank in its sole discretion) - .
Holders of Oil Warrants accepted for purchase will receive, for each Right purchased, an amount in U.S. dollars equal to the clearing price. If the Central Bank decides to accept offers, it intends to select and announce the clearing price on March 29, 2007 (unless extended by the Central Bank in its sole discretion), provided that the clearing price may not be less than the minimum clearing price, which is U.S.$220 per Right. The Central Bank may modify the minimum clearing price at any time but no later than March 15, 2007.
Holders who submit (and do not withdraw) noncompetitive offers prior to 5:00 P.M., CET, on March 9, 2007 (unless extended by the Central Bank in its sole discretion) will receive, in addition to the clearing price, U.S.$2.00 per Right accepted for purchase by the Central Bank.
Holders of Oil Warrants may participate in the invitation by submitting a letter of transmittal to Citibank, N.A., the depositary for the invitation, by facsimile, by courier or by hand delivery and by tendering their Oil Warrants at or before the expiration date in accordance with the invitation procedures. Holders located in Luxembourg may submit letters of transmittal to Dexia Banque International a Luxembourg, societe anonyme, the Luxembourg special agent for the Invitation, but must also submit a copy of the letter of transmittal to Citibank, N.A.
Copies of the information memorandum describing the invitation and the form of letter of transmittal may be obtained from the information agent for the invitation, D.F. King and Co., Inc., at 48 Wall Street, New York, NY, 10005, tel: +1-212-269-5550 or 2 London Wall Buildings, London, EC2M 5PP, tel: +44-20-7920-9700.
The Dealer Manager for the invitation is Citigroup Global Markets Limited.
D.F. King and Co., Inc., +44-20-7920-9700, +1-212-269-5550; or Citigroup Global Markets Limited, +44-20-7986-9662
