The Nigerian Exchange Limited (NGX) has listed an additional 398 million ordinary shares of McNichols Consolidated Plc, following the company’s rights issue. The rights issue involved the issuance of 531.24 million ordinary shares at 50 kobo each. With the listing of the additional shares, McNichols Consolidated Plc’s total issued and fully paid-up shares have increased from 718.74 million to 1,116.79 million ordinary shares of 50 kobo each.
Key Points:
Listing Details: The NGX has admitted 398,053,129 ordinary shares of McNichols Consolidated Plc arising from the company’s rights issue into its platform.
Rights Issue: McNichols Consolidated Plc conducted a rights issue of 531,242,609 ordinary shares at 50 kobo per share.
Total Issued Shares: With the additional listing, the total issued and fully paid-up shares of McNichols have increased from 718,740,000 to 1,116,793,129 ordinary shares of 50 kobo each.
SEC Approval: McNichols Consolidated Plc obtained approval from the Securities and Exchange Commission (SEC) for the proposed rights issue. The qualification date for the rights issue was September 16, 2023.
Application Period: The application list for the rights issue was expected to open on August 9, 2023, and close on August 31, 2023, subject to SEC approval.
Distribution of Circular: McNichols Consolidated Plc informed shareholders that the rights circular would be distributed to them, and application forms would be available on the company’s registrar’s website.
Implications: The listing of additional shares resulting from McNichols Consolidated Plc’s rights issue provides existing shareholders with an opportunity to participate in the capital-raising initiative. The increase in the total issued and fully paid-up shares reflects the successful implementation of the rights issue, contributing to the company’s capital structure. It also indicates investor confidence and support for McNichols’ strategic initiatives, as evidenced by the subscription to the additional shares during the rights issue.