Peace Mass Transit acquires 313.3m units of Neoma Africa Fund’s loan stock in C&I Leasing

0

C&I Leasing Plc (“the Company”) hereby notifies the investing public of the purchase of 313,326,316 units of the Neoma Africa Fund L.L.C. (formerly Aureos Africa Fund, L.L.C.) unsecured variable coupon redeemable convertible loan stock in registered units of N4.75 each or its US$ equivalent in C&I Leasing Plc by Peace Mass Transit Limited.

The company was also notified that all requisite documents in connection with the transaction have been executed by parties.

The loan stock, when fully converted, will result in the issuance of 987,500,000 (Nine Hundred and Eighty-Seven Million and Five Hundred Thousand) Ordinary Shares of the Company which will represent 55.82% of the issued shares of the Company.

The transaction will strengthen the capital base of The Company and improve clarity of the capital structure. This is highly beneficial to the company as the need for a possible redemption of the Notes, with the company’s cash resources, has been eliminated. It is against this background that the shareholders approved the Conversion of the Notes to ordinary shares at an Extraordinary General Meeting held on 3rd November 2020.

The purchase and eventual conversion of the shares will strengthen The Company’s credentials as a leading Nigerian-owned service provider with operations in Nigeria, Ghana, and the United Arab Emirates.

The Directors believe that this is a very positive development for the Company.

SHARE
Previous articleInvestors Groan over Notore Chemical Industries’ Huge Debt as Losses Spikes
Next articleCOVID-19: Leadership, Key to Effective Distribution of Vaccines in Nigeria – Aigboje Aig-Imokhuede
Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

This site uses Akismet to reduce spam. Learn how your comment data is processed.