National Wire About Nigerians, Nigerian Business and Other Stories
Embolden by its re-engineering growth strategy, Flour Mills Nigeria Plc has assured the capital market community that the company will continue to sustain its profitable return on investments for existing and prospective investors.
Chairman of the company, Mr John Coumantaros gave this assurance on Thursday February 1, 2018, during the Facts behind the right issue of N39.9 billion presentation at the Nigerian Stock Exchange in Lagos.
Just as some shareholders has appealed for extension of the ongoing right issue to enable retirees and other existing shareholders to take up their rights. One of the shareholders an octogenarian Chief Shotunde Shopeju said the closing time is too short in view of when retirees will be receiving their pensions.
A market analyst Mr Nornah Aworh on his part urged the regulators to take the issue very serious especially when local investors’ stakes in multinational companies are going down.
Reacting to the issue of extension, the NSE Chief Executive Officer Oscar Onyema, explained that they can only act base on the request from the issuers, which is the company.
Flour Mills of Nigeria Rights Issue, opened on January, 15, 2018, and will close on Wednesday, February 21, 2018. The Rights Issue is being undertaken to enable the company deleverage its balance sheet, support working capital needs, and position the company to exploit value-accretive opportunities.
Other details of the offer includes, issue size, 1,476,142,418 ordinary shares of 50 kobo each at N27.00 per share, at the ratio of 9 new Ordinary Shares for every 16 Ordinary Shares of 50 kobo each held as at the close of business on 8 December 2017. The rights is offered at 23 percent discount to the stock’s closing price on December 8, 2017.
On how to participate in the right issue, for existing qualified shareholders, complete the rights issue form indicating full acceptance, partial acceptance or requesting additional rights, make payment for the total rights taken either cheque or bank transfer either directly to the Registrars or preferably through the stockbroker.
Submit the completed the rights issue form and all evidences of payments to the receiving agent for onward submission. For potential investors complete share transfer form make payments for agreed traded rights submit transfer form and evidence of payment to receiving agents.
Photo Caption:
From Left; Godstime Iwenekhai, Head, Listing Regulation, The Nigerian Stock Exchange (NSE); Joseph Umolu, Company Secretary / Director, Legal Services; Oscar Onyema, Chief Executive Officer, NSE; Mr. John Coumantaros, Chairman, Flour Mills of Nigeria Plc; Paul Gbededo, Group Managing Director, Flour Mills of Nigeria Plc; Jacques Vauthier, Chief Finance Officer, Flour Mills of Nigeria Plc and Tony Ibeziako, Ag. Head, Listings Business Division, NSE during the Facts Behind the Issue presentation at the Exchange on Thursday (1/2/2018).
