[GIVE & TAKE] Flour Mills Announces N30 billion Rights Issue Two Days After Closing its Register for N5.5 billion Dividend
Flour Mills Nigeria Plc has notified the Nigerian Stock Exchange that through its stockbroker; Stanbic IBTC Stockbrokers Ltd it has submitted an application to The Exchange for approval and listing of a Rights Issue of 1,093,438,828 Ordinary Shares of 50k each at N27.50 per share on the basis of 5 new ordinary shares for every […]
Flour Mills Nigeria Plc has notified the Nigerian Stock Exchange that through its stockbroker; Stanbic IBTC Stockbrokers Ltd it has submitted an application to The Exchange for approval and listing of a Rights Issue of 1,093,438,828 Ordinary Shares of 50k each at N27.50 per share on the basis of 5 new ordinary shares for every 12 ordinary shares held.
The Qualification Date for this Rights Issue is 12 August 2015.
Flour Mills hopes to raise about N30billion from its shareholders with this rights issue
The company in its latest full year annual report said it had about N188 billion in debts
The current debt to equity structure of the company is 2.1 with the company spending about N24 billion in finance expense.
Flour Mills is incidentally closed its register for dividend payment August 10 and plans to spend about N5.5 billion when it eventually pays dividends on September 24 2015
In effect, Flour Mills will be hoping to get N30 billion from its shareholders whilst paying out N5.5billion in dividends
Flour Mills share price closed 5% lower on Wednesday at N28.03
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