…to raise N139bn in additional capital through a Rights Issue.
According to the information revealed in a notice to Trading License Holders by the NGX Regulations on Monday, where it said its Stockbrokers, FBNQuest Securities, sought approval on behalf of the lender.
From part of the notice which says, “its stockbrokers, FBNQuest Securities Limited, submitted an application to Nigerian Exchange Limited for the approval and listing of a Rights Issue of Eight Billion, Nine Hundred and Seventy-Three Million, Eight Hundred and Twenty-Three Thousand, One Hundred and Ninety-Eight (8,973,823,198) ordinary shares of 50 kobo each at N15.50 per Share on the basis of one new ordinary share for every four ordinary shares held as at the close of business on Monday, 9 October 2023.”
Recalling that the notice of its 11th annual general meeting issued to shareholders back in July has revealed plans to raise capital by way of a rights issue for future expansion projects.
Details from its AGM notice said, “There shall be a capital raise. The capital raise transaction shall be by way rights issue, on such terms and conditions and on such dates as may be determined by the Directors, subject to obtaining the approvals of the relevant regulatory authorities.”
That during its AGM, 98.76 per cent of the shareholders with voting rights voted in support of increasing the company’s issued share capital from N17.95bn of 35, 895,292,792 ordinary shares to N22.43bn by the creation of 8.973,823,198 ordinary shares of 50 Kobo each. Only 1.24 per cent voted against the resolution.
Gold ETFs provide the chance for investors to invest in gold without actually owning any physical gold. The price of the ETFs is closely correlated with the price of gold because they contain gold bullion or derivatives that mimic gold bullion.
(Punch)