Cutix’ founder acquires additional shares of the company worth N3.3 million

Dr. Gilbert Obiajulu Uzodike, the founder of Cutix Plc has increased his stakes in the cable manufacturing company with the purchase of 1.5 million additional shares of the company.

This is according to Notification of Share Dealing by an Insider, signed by the Company Secretary, Nwokporo Chinwendu and published on the website of the Nigerian Stock Exchange.

It is important to note that the notification is compliant with The Exchange’s policy on insider dealing.

READ: Cutix Plc’s founder spends N2.15 million to acquire additional shares of the company

The statements revealed that the founder of Cutix Plc increased his stakes in the company with the acquisition of more than 1.5 million additional shares, over two transactions:

• On the 26th of January, the founder acquired 695,919 additional units of the ordinary shares of the company at a price of N2.10 per share.
• On the 29th of January, he also acquired 821,620 additional units of the ordinary shares of the company at a price of N2.25 per share.

This puts the total consideration for the shares purchased by Dr. Uzodike at N3,310,074.90

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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.