Royal Exchange Plc, a company offering life assurance, health insurance, and credit financing services, saw its recent rights issue close with only 75.83% subscription, as reported by the Nigerian Exchange Limited.
The financial institution’s rights issue, which aimed to raise capital, resulted in the listing of additional shares on the market.The rights issue comprised 4,116,296,059 ordinary shares priced at N0.50 per share, but only 75.83% of the offer was subscribed. As a result, 3,121,328,866 ordinary shares were listed on the Daily Official List of NGX. With this listing, Royal Exchange’s total issued and fully paid-up shares increased from 5,145,370,074 to 8,266,698,940 ordinary shares of 50 kobo each.
Despite falling short of full subscription, Royal Exchange Plc continues its operations and remains listed on the exchange.
Source; PUNCH