Life assurance, health insurance and credit financing group, Royal Exchange Plc, failed to record the full subscription of its rights issue as it closed at 75.83 per cent.
This was indicated in the weekly report of the Nigerian Exchange Limited, where it was revealed that the rights issue of the financial institution had been completed and now listed on the market.
The report said, “Additional 3,121,328,866 ordinary shares of 50 Kobo each at N0.50 per share of Royal Exchange Plc (Royal Exchange or the Company) were listed on the Daily Official List of NGX.
“The additional shares listed on NGX arose from Royal Exchange’s Rights Issue of 4,116,296,059 ordinary shares of 50 Kobo each at N0.50 per share (The offer was 75.83 per cent subscribed). With this listing of the additional 3,121,328,866 ordinary shares, the total issued and fully paid-up shares of Royal Exchange have now increased from 5,145,370,074 to 8,266,698,940 ordinary shares of 50 kobo each.”
The entire rights issue was 4,116,296,059 ordinary shares of N0.50 each at N0.50 per share based on four ordinary shares for every existing five ordinary shares held as of the close of business on March 6, 2023.
According to the firm’s unaudited 2023 report, Royal Exchange had seen its earned income appreciate by 253 per cent to N882.32m from N249.61m in the previous year on the back of increases in the net interest income and share of profit/loss on investment in associate, which was N591.55m.
As a result of improved earnings, the firm also reported N46.09m profit, compared to a loss of N150.47m in 2022, which made it to restructuring to focus on assets management.
