COCOBOD delays the deadline for the debt exchange offer program due to a public holiday.

COCOBOD delays the deadline for the debt exchange offer program due to a public holiday.

According to the cocoa industry regulator, the decision to prolong the closing date was forced by an error in the previously declared date, which coincided with a statutory public holiday.

The voluntary cocoa bills exchange scheme, which began on July 14, 2023, allows holders of COCOBOD’s short-term debt securities to exchange their bills for COCOBOD’s longer-term debt securities. The initial offer period was scheduled to end on July 31, 2023, and August 4, 2023. COCOBOD has recently stated that the exact closure date is August 3, 2023 at 4 p.m., rather than August 4, 2023.

“We refer to the Ghana Cocoa Board’s (COCOBOD) debt securities exchange program, which was launched on July 14, 2023 (the Exchange Programme).” The transaction timetable provided in press releases and the exchange memorandum in relation to the Exchange Programme (the Exchange Memorandum) states that the offer period for the Exchange Programme opened at 4pm on July 14, 2023 and closes at 4pm on July 31, 2023 and August 4, 2023. The date in the press release was incorrect; thus, the 4th of August is the correct closing date,” COCOBOD said in a statement.