International Breweries Plc has notified the Nigerian Exchange Group Limited that Mr. Michael Onochie Ajukwu, a Non-Executive Director in the firm, has acquired 8,346,021 additional units of its shares, worth ₦41.7 million.
The disclosure which is in line with The Exchange’s policy on insider dealing was signed by the company’s secretary, Muyiwa Ayojimi.
According to the notice, Mr. Ajukwu acquired additional 8.35 million units of International Breweries shares at ₦5.00 per share. This put the total consideration for the shares purchased by the non-executive director at ₦41,730,105.
The deal was finalized in two tranches on 4th and 5th of August, 2021. The breakdown of the deal shows that;
About 99.5% of the recent total acquisition, translating to about 8,308,421 units of shares were purchased on the first day of the transaction at the rate of N5 per share, amounting to N41,542,105.
On the last day of transaction (5th of August, 2021), 37,600 units were further purchased at N5 per share, totalling N188,000.
It is imperative to note that the disclosure is in line with the statutory requirements specified by the Exchange and needed to entrench transparency and confidence in the system. Trade by insiders, particularly purchases, often demonstrates confidence in the financial performance of the companies that they run.
What you should know:
As at June 2021, Mr. Michael Onochie Ajukwu holds about 62,000,000 units of International Breweries shares, translating to about 0.23% of the total shareholding in the company. The recent addition thereby raises his total shareholdings to 70,346,021 units.
International Breweries Plc’s share is currently trading at N5.00 on the floor of the Nigerian Exchange Limited (NGX).