VFD BOOSTS SHARE CAPITAL TO N633M
VFD Group Plc has announced an increase in its share capital to N633 million. This was disclosed by the Company Secretary, Gbeminiyi Shoda, at a recent annual general meeting in Lagos State.
Key Details:
- Share Capital Increase: The company's share capital has been raised from N126.68 million (253.37 million ordinary shares at N0.50k each) to N633.42 million (1.267 billion ordinary shares at N0.50k each) by creating 1.01 billion new ordinary shares.
- Purpose: This move aims to strengthen VFD's financial base and support future growth initiatives, including raising funds for investments, potential acquisitions, and strategic partnerships.
- Corporate Governance: The Memorandum of Association will be revised to reflect the new share capital structure, ensuring transparency about the conditions, rights, and benefits of the new shares.
- Borrowing Powers: The company’s directors have been granted expansive borrowing powers, with the restriction that borrowing beyond the aggregate of the company’s paid-up share capital and reserves requires prior shareholder approval.
- Capital Raise Plan: VFD Group plans to raise an additional N30 billion through various financial instruments, including share issuance, global depository receipts, commercial papers, loans, and bonds.
This capital increase and strategic planning are intended to bolster the company's financial flexibility and support its ambitious growth plans.
VFD Group Plc has announced an increase in its share capital to N633 million. This was disclosed by the Company Secretary, Gbeminiyi Shoda, at a recent annual general meeting in Lagos State.
Key Details:
- Share Capital Increase: The company's share capital has been raised from N126.68 million (253.37 million ordinary shares at N0.50k each) to N633.42 million (1.267 billion ordinary shares at N0.50k each) by creating 1.01 billion new ordinary shares.
- Purpose: This move aims to strengthen VFD's financial base and support future growth initiatives, including raising funds for investments, potential acquisitions, and strategic partnerships.
- Corporate Governance: The Memorandum of Association will be revised to reflect the new share capital structure, ensuring transparency about the conditions, rights, and benefits of the new shares.
- Borrowing Powers: The company’s directors have been granted expansive borrowing powers, with the restriction that borrowing beyond the aggregate of the company’s paid-up share capital and reserves requires prior shareholder approval.
- Capital Raise Plan: VFD Group plans to raise an additional N30 billion through various financial instruments, including share issuance, global depository receipts, commercial papers, loans, and bonds.
This capital increase and strategic planning are intended to bolster the company's financial flexibility and support its ambitious growth plans.