The full suspension placed on trading on shares of C&I Leasing have been lifted after the company informed the Nigerian Stock Exchange (NSE) that the shares consolidation exercise has been completed.
NSE had placed two weeks full suspension on C&I Leasing shares to enable the company to embark and complete the share capital reconstruction exercise from December 13 to 27, 2018, but the exercise dragged on into January 2019, with the company faulting the time-frame as the cause for delay.
The suspension restricted trading and price movement on the shares of the company while allowing Registrars to update the register of members after the reduction of the total number of its outstanding shares in the open market.
Purpose of capital reconstruction
This corporate action will afford C&I Leasing the opportunity to issue more shares in the future, while additional capital raised will be budgeted for the company’s expansion.
“THE PURPOSE OF THE RECONSTRUCTION IS TO ALLOW THE COMPANY TO HAVE ENOUGH UNISSUED SHARES TO ACCOMMODATE FUTURE PLANS TO RAISE CAPITAL THROUGH THE EQUITY CAPITAL MARKET. THE ADDITIONAL CAPITAL WILL BE USED TO FINANCE THE COMPANY’S EXPANSION PLAN, EXTINGUISH SOME LIABILITIES AND ENHANCE THE COMPANY’S CAPITAL MIX” .
Effect of the capital reconstruction on C&I Leasing’s shares
The share capital reconstruction will cut C&I Leasing’s paid-up share capital by 80 per cent, cancelling 1.506 billion ordinary shares, while four ordinary shares of 50 kobo each will be consolidated into one ordinary share of 50 kobo each. Also, C&I Leasing’s current outstanding share capital of 1.883 billion ordinary shares of 50 kobo each will be reduced by the reconstruction to 376.56 million ordinary shares of 50 kobo each.
Despite the official statement by C&I Leasing on the purpose of the consolidation of shares, analyst believes its more of a reverse split than a restructuring. A reverse split is a corporate action where a company reduces or decreases the number of its issued share capital.
Covid-19: WHO approves China’s Sinopharm vaccine
WHO has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.
The World Health Organization (WHO) has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination. The vaccine is reported to have 79% efficacy against covid.
This was disclosed today in a report by Reuters. The vaccine would also be the second Chinese-made vaccine after Sinovac vaccine and would be the first developed outside Europe and North America to receive WHO accreditation.
“This expands the list of COVID-19 vaccines that COVAX can buy, and gives countries confidence to expedite their own regulatory approval, and to import and administer a vaccine,” WHO Director-General, Tedros Adhanom Ghebreyesus said.
The WHO added that the easy storage requirements make it highly suitable for low-resource settings.
“Its easy storage requirements make it highly suitable for low-resource settings,” a WHO statement said while also disclosing that the vaccine has been approved for people above the age of 18 to receive two shots.
“On the basis of all available evidence, WHO recommends the vaccine for adults 18 years and older, in a two-dose schedule with a spacing of three to four weeks,” the statement added.
The vaccine was created by Beijing Biological Products Institute, a subsidiary of Sinopharm subsidiary China National Biotec Group, with an efficacy of 79% for all age groups.
The WHO however, admitted that few older adults (over 60 years) were enrolled in clinical trials, so efficacy could not be estimated in this age group.
In case you missed it
The quest for vaccine efficiency got a major boost earlier this week as Nairametrics reported that the United States government announced that it supports the waiver of Intellectual Property Protections on Covid-19 vaccine development, in a bid to boost the fight against the pandemic, and says it will participate in the Okonjo-Iweala-led WTO negotiation to make it happen.
“Mama Taraba”, Former minister and senator, Aisha Al-Hassan is dead
Ex-Women Affairs minister, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead
A former Minister for Women Affairs and ex-Governorship Candidate in Taraba State, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead.
According to media reports she died in a hospital on Friday in Cairo, Egypt at the age of 61.
Al-Hassan, who was a former senator of the Federal Republic of Nigeria from Taraba North Senatorial District, was the All Progressive Congress (APC) Governorship Candidate for Taraba in the 2015 general elections.
She later contested for the same seat on the platform of the United Democratic Party in the 2019 general elections after resigning from APC and as a minister in the administration of President Muhammadu Buhari on July 27, 2018.
The former senator was born on the 16th of September, 1959 in Jalingo, Taraba State, to Alhaji Abubakar Ibrahim, Sarkin Ayukan Muri.
Aisha Jummai Al-Hassan attended Muhammed Nya Primary School, Jalingo and LEA Primary School, Tudun Wada, Kaduna before proceeding to Saint Faith College (now GGSS) Kawo Kaduna where she studied between January 1973 and June 1977.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Okomu Oil proposes dividend worth N6.7 billion for shareholders.
- Ardova Plc confirms appointment of Oladeinde Nelson-Cole as secretary.
- Cadbury Nigeria Plc set to hold 56th Annual General Meeting (AGM) on June 16.
- FCMB Group Plc appoints Muibat Ijaiya as Director.
- Afromedia Plc reports a loss after tax of N27.3 million in Q1 2021.