Royal Exchange Plc has listed its right issue of 3.121 billion ordinary shares of 50 Kobo on the Daily Official List of the Nigerian Exchange (NGX) Limited.
The NGX weekly report for the week ended April 12, 2024 released over the weekend said that with this listing of the additional 3,121,228,866 ordinary shares, the total issue 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.
According to the company, the right issue offer recorded a total subscription of 75.83 per cent.
The company also said that the right issue will be on the basis of four ordinary shares for every existing five ordinary shares held by investors as at the close of business on March 6, 2023 on the floor of the NGX.
The statement which reads in parts said “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 have now increased from 5,145,370,074 to 8,266,698,940 ordinary shares of 50 Kobo each.”
The company had earlier notified the members of the public that it might not be able to release its financial results for 2023 and for the first quarter of 2024 within the regulatory timeframe. In a statement filed with the Nigerian Exchange Limited, the Royal Exchange said that the delay was because it had yet to conclude the year-end audit exercise for the group.
It said, “The Company may not be able to release its audited financial statements for the year ended December 31, 2023, within the regulatory timeframe. This delay will also affect the timely submission of the unaudited financial statements for the period ending March 31, 2024. “As a holding company with various associates and a subsidiary, the year end audit exercise for the group is yet to be concluded, and this may likely lead to delays in obtaining necessary regulatory approvals before filing the accounts.”
