Lafarge Africa lists 7.43b rights’ shares in Nigeria

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Lafarge Africa Plc yesterday formally completed its N89.2 billion rights issue with the listing of additional 7.43 billion ordinary shares of 50 kobo each that arose from the new issue at the Nigerian Stock Exchange (NSE).

With the listing of the additional 7.43 billion ordinary shares, the total issued and fully paid up shares of Lafarge Africa increased from 8.67 billion ordinary shares to 16.108 billion ordinary shares.

Lafarge Africa had offered 7.43 billion ordinary shares of 50 kobo each at N12 per share. The rights were pre-allotted on the basis of six new ordinary shares for every seven ordinary shares held as at the close of business on Tuesday, December 4, 2018. Acceptance list for the N89.2 billion rights issue opened on Monday, December 17, 2018 and closed on Monday January 28, 2018.

The rights issue was fully subscribed. A breakdown of the allotment results showed that 16 applicants out of a total of 1,826 applicants bought 7.313 billion ordinary shares of 50 kobo each, representing 98.37 per cent of the total shares on offer. The remaining 1,810 applicants were allotted 121 million shares, representing 1.63 per cent of the total shares on offer.

The allotment results showed that 1,734 shareholders accepted their rights in full totaling 5.93 billion ordinary shares, out of which 738.73 million ordinary shares were traded on the floor of the NSE. The report also showed that out of 1,734 shareholders who took up their rights in full, 734 shareholders also applied for additional 1.300 billion ordinary shares and were allotted in full from the renounced rights.

A total of 92 shareholders with a provisional allotment of 395.875 million ordinary shares partially accepted their rights for 202.40 million ordinary shares, thus the balance of 193.47 million ordinary shares were renounced. Also, 34 subscribers purchased rights of 738.73 million ordinary shares on the floor of the NSE.

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