The Securities and Exchange Commission (SEC) has approved VFD Group Plc’s 63,342,455 Ordinary Shares of 50 Kobo each at N197.33 Per Share.
This was contained in the company’s notice to the Nigerian Exchange Limited and the general public seen by Nairametrics.
Approval from the Securities Exchange Commission
According to the statement signed by Gbeminiyi Shoda, Group Company Secretary VFD Group Plc noted that it has obtained approval from the Securities Exchange Commission (SEC) to offer to the shareholders the proposed Rights Issue of 63,342,455 Ordinary Shares of 50 Kobo each at N197.33 Per Share based on one (1) new ordinary share for every three (3) existing ordinary shares held.
It noted that the Qualification Date for the Rights Issue is October 12, 2023, and the application list opened on 20 December 2023 as approved by the Commission and shall open for a maximum period of 31 days.
According to the group, the Rights circular will be distributed to shareholders while application forms will also be made available on the website of the company’s Registrars for ease of access.
Commencement of trading
The Nigerian Exchange Limited last week 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.
What you should know
- 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.
