NGX lists 398 million ordinary shares of McNichols Consolidated Plc

The Nigerian Exchange Limited (NGX) has admitted an additional 398 million ordinary shares of McNichols Consolidated Plc into its platform arising from the company’s rights issue.

This was contained in the NGX weekly report obtained by Nairametrics.

NGX in the report notified trading license holders that an additional 398,053,129 ordinary shares of 50 kobos each per share of McNichols Consolidated Plc were listed on the Daily Official List of the Nigerian Exchange Limited (NGX).

According to the report, the additional shares listed on NGX arose from McNichols’s Rights Issue of 531,242,609 ordinary shares of N0.50 each at N0.50 per share.

“With this listing of the additional 398,053,129 ordinary shares, the total issued and fully paid-up shares of McNichols have now increased from 718,740,000 to 1,116,793,129 ordinary shares of 50 kobo each,” the report said.
SEC approval: McNichols Consolidated Plc recently said it obtained approval from the Securities and Exchange Commission (SEC) to conduct the signing ceremony about the proposed Rights Issue of 531,242,609 each at 50 kobo (N0.50) per share, based on 17 ordinary shares for every 23 ordinary shares held.

In a letter signed by S. Nomuoja & Co., the company secretaries to its shareholders, stakeholders, the Nigerian Exchange Limited (NGX), and the general public, put the qualification date for the Rights Issue on September 16, 2023.

It explained that subject to the approval of the executed offer documents by the SEC, the application list is expected to open on August 9, 2023, or any other date approved by the Commission and shall be open up to August 31, 2023, or any other date approved by the Commission.

“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. Esteemed shareholders are advised to contact their stockbrokers and other financial advisers for more details of the offer,” it further said.