Business News

SEC approves Royal Exchange Plc’s proposed right issue of 4.116 billion ordinary shares 

Royal Exchange Plc has obtained approval from the Securities and Exchange Commission (SEC) to conduct the signing ceremony about the proposed right issue of 4.116 billion ordinary shares of 50 kobo each at 50 kobo per share.

This was contained in a notice to the Nigerian Exchange Limited and the investment public obtained by the Naijaonpoint.

According to the company, the right issue will be based on four new ordinary shares for every five ordinary shares held in the company.

The statement signed by Irene Chkukelu, Mazars Ojike, and Partners, Company Secretary of the company disclosed that the qualification date for the rights issue is 6th March 2023, subject to the approval of the executed offer documents by the SEC.

It noted that the application list is expected to open on the 29th of November 2023. Or any other date approved by the Commission and shall open for a maximum period of 28 days.

The suspension earlier placed on Royal Exchange Plc by the regulatory subsidiary of the Nigerian Exchange (NGX) Group Plc, NGX Regulation Limited, was recently lifted.

Royal Exchange is an asset management company in Nigeria, which also offers insurance protection to its clients.

On July 11, 2023, trading in the shares of the company was suspended as a result of the failure of the board to file its financial statements for the perusal of the investing community.

But after filing its outstanding financial accounts, the embargo placed on the firm was lifted.

The suspension was done according to a circular issued by NGX Limited which stated: