The Group Managing Director of Flour Mills Nigeria Plc (FMN), Paul Miyonmide Gbededo, purchased a total of 7,486,719 additional shares of the company, worth ₦209.29 million.
According to the notifications issued between 17th and 19th of November by the company’s Secretary, Mr Joseph Umolu, the GMD purchased the ordinary shares of Flour Mills Nigeria in this order:
- On 17th November, 1,949,839 additional shares worth N54.59 million, at a price of N28.00 per share.
- On 18th November, 4,200,852 additional shares worth N117.62 million, at a price of N28.00 per share.
- On 19th November, 1,336,028 additional shares worth N37.07 million, at a price of N27.75 per share.
This brings the total number of shares of Flour Mills Nigeria Plc purchased by the GMD to 7,486,719. The total consideration for these shares is put at N209.29 million.
What you should know
In line with the information contained in the financial statements of the company, as of 30th September 2020, Mr. Gbedebo had a direct shareholding of 2,720,109 shares.
Hence, with the 7,486,719 additional units acquired, his total shareholding now stands at 10,206,828 shares, which is worth N285.79 million at the current share price of N28.00.
What this means
The purchase of the shares of Flour Mills Nigeria Plc further cements Mr. Paul Gbedebo’s position as one of its majority shareholders.