TRANEX Rights Issue Ends Wednesday

By Modupe Gbadeyanka

The rights issue of Trans-Nationwide Express (TRANEX) Plc is slated to wrap up this week, precisely on Wednesday, August 30, 2017.

The rights issue offering is of 298,230,000 ordinary shares of 50 kobo each at N0.80 per share.

However, the management of TRANEX Plc has urged its shareholders to take advantage of this “unique opportunity to increase their holdings in the company.”

In a statement last week, the firm said reminded investing public, particularly the shareholders that the exercise, which opened on Monday, July 24, 2017 will close on Wednesday, August 30, 2017.

It explained that, “The issue is on the basis of three new ordinary shares for every two ordinary shares held as at the close of business January 25, 2017.

“The rights, being undertaken to raise capital for business expansion, would help to set the company on a growth trajectory in the logistics sector. It will further enhance profitability and shareholders’ value.

“Shareholders, who are yet to get the Rights Circular, should contact the issuing House, Meristem Securities Limited or the Registrars, Cardinalstone Registrars Limited.”

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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