Nairametrics has obtained official transaction data of the sale between Femi Otedola and Elumelu’s HH Capital Ltd.
Nairametrics earlier reported Mr. Otedola had sold all of his stake to Elumelu exiting his entire stake from the conglomerate. As reported by Nairametrics the transaction was consummated using the official market price as of the close of trading on April 27th.
However, official data indicate a total of 2,413.144,252 shares were sold as an off-market trade based on three deals. The official transaction price was N3.12.
United Capital Securities and APT Securities handled the transaction for HH Capital Ltd and Femi Otedola respectively.
Based on the selling price the official value of the sale is about N7.5 billion. The average price of the stock when Nairametrics first announced Otedola had taken a 5.52% stake was N1.4 per share.
This suggests Otedola may have pocketed at least N4.1 billion in profits from this deal.
However, his profits may have been more as his average cost of purchase could be lower than the N1.35 mentioned.
Meanwhile, Transcorp also announced an additional acquisition of shares for HH Capital Ltd.
In a press release seen by Nairametrics, the SPV owned by Elumelu acquired an additional 1,999,784,273 taking their total shareholding to 11,990,957,350 units, representing 29.5% of the Company’s total shares.
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