Golden Securities Shares to Get Listed
PLANS by the board of directors of Golden Securities Plc to list the company's shares on the Nigerian Stock Exchange official list are on course, the company's Managing Director, Mr. Joseph Adebiyi has said.
The on-going private placement of the company is quite successful and the board is optimistic that it would be fully subscribed, adding that the closing date remains April 24, and will not be extended.
He continued: " Response to the private placement is good and overwhelming, and plans to list the company's on course. At the close of the private placement it would be fully taken up because we have got responses from both local and foreign investors.
Preparatory to its eventual listing on the Nigerian Stock Exchange (NSE) Golden Securities Limited, a dealing member of the stock exchange has been transformed to a public liability company recently.
This development was part of various resolutions passed at the company extra ordinary meeting held on February 19, in Lagos.
Besides, company shareholders The Guardian learnt, approved a resolution that the company's authorised and paid up capital be increased from N70 million to N1 billion through the creation of additional 930 million ordinary shares of N1 each at N1 per share.
The finals, according to the resolutions would be raised through a rights offer of 140 million ordinary shares of N1 each in the proportion of two ordinary shares for each ordinary shares held by existing shareholders as at December 31, 2007.
It also involves a private placement of 500 million ordinary share of N1 each at 1 per share. The shareholders also approved a resolution that the company's entire shares be listed on the exchange after the conclusion of the offering.
The purpose of the private placement according to the Chairman, Prof. Ezekiel Adesogan is to enable the campany raise the necessary funds to meet the statutory capital requirement for stockbroking firms and the expansion of its business capacity in order to increase its maker share through strategic growth driven initiative by expanding its branch network and upgrading the company's IT infrastructure.
In the event of over subscription, additional shares in an amount not exceeding the company unisued share capital may be allotted, subject to the approval of the company's board of directors and the supplementary proceeds would be utilized for the same purpose stated in the memorandum.
The shares being offered, according to Joseph Adebiyi the company's managing director, ranks parripasu in all respects with issued ordinary shares of the company, and the offering which opened on March 3, 2008 closes on Thursday April 24, 2008, both days inclusive.
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