Lafarge Africa allots N132bn worth of shares to shareholders

Lafarge Africa Plc. has announced allotment of its rights issue of 3.098 billion ordinary shares on the basis of five new ordinary shares for every nine ordinary shares held by shareholders.

According to allotment paper sighted by business a.m., a total of 3,577 acceptances for 3.098 billion ordinary shares valued at N131.650 were received and processed in connection with the rights issue having been confirmed as valid.

The allotment paper revealed that five applications for 14,375 units were not funded and were subsequently rejected. A summary of the rights issue indicates that all 3,577 acceptance forms received for the 3.098 billion ordinary shares were found to be valid under the terms of the rights issue and processed accordingly.

The allotment paper shows that the rights issue was 100 percent subscribed. Breakdown of the offer shows that 3,313 shareholders accepted their provisional allotment in full, a total of 1.217 billion ordinary shares.

Also, 154 shareholders with a provisional allotment of 138.6 million ordinary sharpeners partially accepted their rights for 88.246 million ordinary shares.

The balance of 50.356 million ordinary shares was renounced. Meanwhile, 386.589 million ordinary shares were fully renounced thus a total 436.946 million ordinary shares were renounced by shareholders.

Accordingly, there were 110 subscribers who bought traded rights on the Nigeria Stock Exchange, involving 1.356 billion ordinary shares.

Of the 3,313 shareholders who took up their rights in full, 1,154 shareholders applied for an additional 436.946 million ordinary shares and additional share were allotted in full from the renounced rights.

Lafarge Africa Plc. had in November 2017, applied to the Nigerian Stock Exchange (NSE) to raise N132 billion fresh capital from existing investors through a rights issue. Shareholders of the cement manufacturing firm had in June 2017, approved the proposal by the company to raise about N140 billion.