Transcorp Group PLC has announced the successful completion of its share reconstruction, a strategic action aimed at maximising long-term shareholders’ value. As part of the reconstruction, the total number of issued ordinary shares of the Company has been reduced by consolidation of the issued shares at a ratio of 1 for 4. Specifically, three (3) out of every four (4) ordinary shares held by Transcorp’s shareholders will be cancelled, reducing the total issued and fully paid shares of Transcorp Group 40.6 billion shares to 10.2 billion shares.
The share capital of the Company following the exercise has been reduced to ₦𝟱,𝟬𝟴𝟬,𝟵𝟵𝟴,𝟳𝟴𝟳.𝟬𝟬 (Five Billion, Eighty Million, Nine Hundred and Ninety-Eight Thousand, Seven Hundred and Eighty-Seven Naira) from ₦𝟮𝟬,𝟯𝟮𝟯,𝟵𝟵𝟱,𝟭𝟰𝟲.𝟱𝟬 (Twenty Billion, Three Hundred and Twenty-Three Million, Nine Hundred and Ninety-Five Thousand, One Hundred and Forty-Six Naira, Fifty Kobo only), by the reduction of the issued shares from 40,647,990,293 (Forty Billion, Six Hundred and Forty-Seven Million, Nine Hundred and Ninety Thousand, Two Hundred and Ninety-Three) ordinary shares to 10,161,997,574 (Ten Billion, One Hundred and Sixty-One Million, Nine Hundred and Ninety Seven Thousand, Five Hundred and Seventy-Four)ordinary shares.
United Capital Plc and Vetiva Capital Management Limited acted as Financial Advisers to Transnational Corporation Plc in connection with the Reconstruction.
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