Dr. Gilbert Obiajulu Uzodike, the founder of Cutix Plc has increased his stakes in the cable manufacturer with the purchase of 1 million additional shares of the company.
This is according to a “Notification of Share Dealing by an Insider” signed by the Company Secretary, Nwokporo Chinwendu and published on the NSE website.
It is important to note that the notification is compliant with The Exchange’s policy on insider dealing.
The statement revealed that the founder of Cutix Plc increased his stakes in the company with the acquisition of 1 million additional shares, in a single transaction, at an average share price of N2.15 per share.
This puts the total consideration for the shares purchased by Dr. Uzodike at N2,150,000.00.
Why this matters
- Dealings by insiders of listed companies are corporate actions to be disclosed by the management of the company, this is in compliance with NSE’s policy on insider dealing, as the disclosure is key in the effort to ensure transparency and reinforce the trust of the investing public.
- The purchase of the shares of Cutix Plc further cements the founder’s position as a substantial shareholder of the company.
What you should know: It is important to note that Cutix Plc made a forecast that in the fourth quarter of its financial year 2021 (i.e January 1st to March 31st, 2021), the company’s revenue will double, while profit is expected to increase by 9% to N148 million.
