Nigerian Exchange Lists 3.1 billion Royal Exchange Shares from Rights Issue

By Aduragbemi Omiyale

The 3,121,328,866 ordinary shares of Royal Exchange Plc from its rights issue have been listed on the trading platform of the Nigerian Exchange (NGX) Limited.

Business Post reports that the equities, valued at N1.6 billion at a unit price of 50 Kobo, were merged with the previous Royal Exchange shares last Friday.

The firm allotted the stocks to investors based on four new shares for every five shares held at the close of business on March 6, 2023.

It was learned that Royal Exchange had wanted to raise about N2.1 billion from the exercise by offering 4,116,296,059 ordinary shares but could only achieve a 75.83 per cent subscription rate.

However, the equities allotted to shareholders from the rights issue have increased the company’s total issued and fully paid-up shares to 8,266,698,940 ordinary shares from 5,145,370,074.

In a circular to the investing community, the NGX said, “Trading licence holders are hereby notified that an additional 3,121,328,866 ordinary shares of 50 Kobo each at N0.50 per share of Royal Exchange Plc were today, Friday, April 12, 2024, listed on the daily official list of Nigerian Exchange Limited.

“The additional shares listed on NGX arose from Royal Exchange’s rights issue of 4,116,296,059 ordinary shares of 50 Kobo each at N0.50 per share (The offer was 75.83 per cent subscribed).

“With this listing of the additional 3,121,328,866 ordinary shares, the total issued and fully paid-up shares of Royal Exchange have now increased from 5,145,370,074 to 8,266,698,940 ordinary shares of 50 Kobo each.”