Multiverse Mining & Exploration Plc has notified Trading License Holders that Nigerian Exchange Limited (NGX) has received an application from Cashville Investments & Securities Limited for a proposed share reconstruction.
This is following the special resolutions passed at the Annual General Meeting of Multiverse Mining & Exploration Plc on 28 November 2019.
According to a notice obtained from the NGX, it is intended that the Share Reconstruction be carried out under the provisions of the Companies and Allied Matters Act 1990 (CAMA), Part V, Section 105 to113 (currently section 131, CAMA 2020) for the reduction of share capital.
The purpose of the Share Capital Reconstruction exercise is to offset accumulated losses on the Company’s statement of financial position which will enable the Company to undertake subsequent future capital raise.
The share capital reconstruction will result in the cancellation of nine (9) existing ordinary shares out of every ten (10) ordinary shares held by existing Shareholders.
The total number of issued ordinary shares post the reconstruction exercise will be 426,193,868 ordinary shares while 3,835,744,818 ordinary shares would be cancelled.
Post reconstruction, the Company’s total unissued ordinary shares will be 4,073,806,132.
What you should know
- Multiverse Mining and Exploration Plc (formerly Multiverse Resources Plc) is an exploration and mining company in Nigeria licensed to extract zinc, copper, gold, lead, tantalite, tin and barite ores.
- The company’s financial result for the first quarter ended 31 March 2022 showed a return to profit after tax of N27.249 million from a loss of N13.005 million in Q1 2021.
- Revenue/turnover of the company also rose to N127.538 million from N30.574 million in Q1 2021.