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Rights Issue: NGX lists 3.121 billion shares of Royal Exchange Plc

The Nigerian Exchange Limited (NGX) has listed Royal Exchange Plc’s rights issue of 3.121 billion ordinary shares of 50 kobo each on its Daily Official List.

According to the NGX in its weekly report seen by NewsTimes,  with the listing of the additional 3,121328,866 ordinary shares, the total issued and fully paid-up shares of Royal Exchange have increased from 5,145,370,074 to 8,266,698,940 ordinary shares of 50 kobo each.

The statement reads:

  • “Trading Licence Holders are hereby notified that an additional 3,121,328,866 ordinary shares of 50 Kobo each at N0.50 per share of Royal Exchange Plc (Royal Exchange or the Company) were today, Friday, 12 April 2024, listed on the Daily Official List of Nigerian Exchange Limited (NGX). 
  • The additional shares listed on NGX arose from Royal Exchange’s Rights Issue of 4,116,296,059 ordinary shares of 50 Kobo each at N0.50 per share (The offer was 75.83% subscribed). 
  • With this listing of the additional 3,121,328,866 ordinary shares, the total issued and fully paid-up shares of Royal Exchange has now increased from 5,145,370,074 to 8,266,698,940 ordinary shares of 50 Kobo each”.

What you should know:

 NewsTimes reported that Royal Exchange Plc has obtained approval from the Securities and Exchange Commission (SEC) to conduct the signing ceremony for the proposed right issue of 4.116 billion ordinary shares of 50 kobo each at 50 kobo per share.

According to the company, the right issue will be based on four new ordinary shares for every five ordinary shares held in the company.

A company statement disclosed that the qualification date for the rights issue is 6th March 2023, subject to the approval of the executed offer documents by the SEC.

It noted that the application list is expected to open on the 29th of November 2023 or any other date approved by the commission and shall open for a maximum period of 28 days.

  • “Rights circular will be distributed to shareholders by the company’s registrars, while application forms will be made available on the websites of the company and the registrars for ease of access.
  • At the appropriate time, shareholders are advised to contact their stockbrokers or financial advisers for more details of the offer,” the company noted.

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