The Nigerian Exchange Limited has announced the commencement of trading in VFD Group Plc’s Rights Issue of 63,342,455 ordinary shares of 50 kobo each at N197.33 per share.
This was contained in the Exchange’s Weekly Report seen by Nairametrics.
According to the report,
- “Trading license holders were notified that trading in VFD Group Plc’s Rights Issue of 63,342,455 ordinary shares of 50 kobo each at N197.33 per share based on one (1) ordinary share for every existing three (3) ordinary shares held as of 12 October 2023 opened on Friday, 22 December 2023”.
VFD Group Plc had through its Stockbrokers, TRW Stockbrokers Limited filed an application to the Nigerian Exchange Limited (NGX) for the approval and listing of a rights issue of 63.342 million ordinary shares of 50 kobo each at N197.33 per share.
According to a statement from the NGX application, the right issue is based on one ordinary share for every three existing ordinary shares held as of the close of business on Thursday, 12 October 2023.
VFD Group Plc, a sector-agnostic proprietary investment company, recently listed its shares to the Main Board of Nigerian Exchange Limited (NGX).
The official listing was celebrated with a Closing Gong ceremony and a Fact Behind the Listing Presentation, marking a key milestone in the company’s history.
The listing of 190 million units of shares of the Group at N244.88 per share added N46.527 billion to the market capitalization of NGX, further boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation.
VFD Group is a proprietary investment company that focuses on building positive and socially conscious ecosystems by aggregating potentially viable businesses to create innovative products and solutions accessible to the everyday Nigerian citizen and entrepreneur.
This listing on NGX is a strategic move to increase VFD Group’s visibility, enhance its access to capital, and improve its liquidity, ultimately benefiting its valued investors and stakeholders.
What VFD said:
Olatunde Busari SAN, Chairman of VFD Group, stated proudly:
- “We are excited to join the distinguished ranks of companies listed on the Exchange, and we are confident that this step will provide us with the resources we need to continue our growth trajectory and serve our shareholders even better.” Nonso Okpala, Group Managing Director/CEO of VFD Group Plc, expressed his excitement about the listing, saying,
- “This is a momentous occasion for VFD Group. Our journey from a boutique investment firm to a publicly traded company on the Nigerian Exchange reflects the dedication and hard work of our entire team. We are excited about this new chapter and the opportunities it brings to further strengthen our market position.”
- “We will continue to work toward our strategic goal of creating Africa’s first diverse business ecosystem. When compared to where we started, what we set out to achieve, and economic realities, the Group’s performance has been outstanding on all fronts. Our focus on business expansion has yielded results, particularly in sectors other than financial services, and we have significantly increased our balance sheet.” he continued.
What the NGX said:
Alhaji (Dr) Umaru Kwairanga, Chairman, Nigerian Exchange Group Plc stated:
- “We must recognize the unwavering commitment of the Board and Management of VFD Group in making this listing a reality, as well as the pivotal roles played by all the professional parties involved in the transaction.
- Securing a listing on the NGX Main Board entails a steadfast commitment to elevated standards of disclosure and corporate governance. This significant listing heralds a fresh chapter for VFD Group plc to leverage NGX’s value-added services and capital market products to fulfil its strategic objectives.”
What you should know:
A rights issue is an offering of rights to the existing shareholders of a company that allows them to buy additional shares directly from the company at a discounted price rather than buying them in the secondary market.
The number of additional shares that can be bought depends on the existing holdings of the shareowners.
