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Home Opinions Blurb
Analysis: 10 Things You Need To Know About Transcorp 2013 Result

Do You Own Transcorp Shares? Then Get Ready For A Rights Issue

Ugodre Obi-chukwubyUgodre Obi-chukwu
11 years ago
in Blurb, Company News
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Transcorp

 

The Transnational Corporation of Nigeria, Transcorp, announced today that it plans to increase its authorized share capital from N18billion to N22.5billion. It also plans to approve for its directors to issue 13billion ordinary new shares of 50kobo each by way of a rights issue. Transcorp shares price as at the day of announcement (25/2/2013) was N1.65.

If they were to announce a rights issue today, the company will be raising about N21.4billion ($138.3million). Transcorp currently has a negative working capital of about N20b which I believe they plan to crash against their share premium. The new equity they plan to raise will help the company fund its major expansion programs especially in the area of Power, where they just won one a bid to acquire a stake in the Power Generation Companies.

The proportion for which the rights issue will be made has yet to be announced, however my bet is that it may be one new share for every four held in the company.

Tags: EARNINGS REPORTNews ReviewRights IssuesTranscorp plc
Ugodre Obi-chukwu

Ugodre Obi-chukwu

Ugo Obi-Chukwu "Ugodre" is the Founder, Publisher, and Chief Analyst of Nairametrics, a leading business and financial news online platform in Nigeria. Ugo is also the Chief Editor of the Nairametrics “Blurb” Opinion pages. Follow Ugodre on Twitter @ugodre and Instagram @ugodre Email: ugodre@nairametrics.com

Comments 2

  1. ashawole funmilayo elizabeth says:
    April 14, 2013 at 10:05 pm

    What abt people dat have existing shares

    Reply
  2. Grace A. says:
    June 12, 2022 at 11:58 pm

    How can I claim my existing TRANSCORP shares?

    Reply

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