Legend Internet Plc disclosed that it has made adequate quantities of its shares available to meet the Nigerian Exchange’s (NGX) 20% free float requirement, which is needed to stay listed on the Main Board.
The confirmation was provided in a statement filed with the NGX on May 6, 2025, and signed by Secretary Erinma Ogburafor.
According to the company, fulfilling this requirement comes after its official listing on the Exchange on April 24, 2025, and aligns with NGX regulations on free float.
Specifically, Rule 3.14 of the NGX Free Float Rules requires that at least 20% of a listed company’s issued shares be available to the public, to ensure liquidity and support fair trading.
Building on this compliance, the company further disclosed that, as of May 5, 2025, a total of 106 shareholders had been added to its register of members:
“We have also received confirmation from our Registrars that a total of 106 shareholders have been added to the register of members as of today, 5th May 2025.”
These shareholders represent completed trades, as confirmed by the Central Securities Clearing System (CSCS) and reported to the company’s registrars.
Listing on the NGX
Legend Internet Plc was listed on the Main Board of the Nigerian Exchange Limited (NGX) on Thursday, April 24, 2025, through an introduction, having met the Exchange’s listing requirements.
Aisha Abdulaziz, Chief Executive Officer of Legend Internet, mentioned that the listing provides an opportunity for more individuals to be part of the company’s vision for the future.
- The company is a prominent provider of last-mile fiber solutions in Nigeria, with a focus on fiber-to-the-home (FTTH) and tech-driven digital services.
Since its listing, shares of the company have increased by over 58%, appearing in the ‘Top 10 gainers’ list on the NGX for the trading weeks ended April 25th and May 2nd.
What to Know
Free float is the portion of a company’s shares that is available for public trading, excluding shares held by promoters, directors, strategic investors, and government entities.
- Meeting the free float requirements ensures there is enough liquidity and marketability in the company’s shares, helping to promote fair trading and protect investors.
- If a company fails to meet the free float requirement within the given timeframe, its trading may be suspended.
In some cases, the Exchange may grant an extension for companies to meet the requirements.
