NEWS BRIEFS FROM CORPORATE NIGERIA

C&I LEASING: TO REDUCE ISSUED CAPITAL

C&I Leading PLC, one of the companies quoted on the Nigerian Stock Exchange has decided to restructure its issued share capital by about 75%.

According to the company, the Nigerian Stock Exchange has already given its go ahead for the plan.

Under the arrangement, any one who currently hold 4 shares of the company will be issued with 1 new one across the board.

This means that the current N808.505m nominal shares of the company broken into 1.617bn shares of 50k nominal value will be reduced to N202.126m nominal worth of 404.252m shares of the same 50k value.

In the end, the 75% trimmed off the book nominal value of the issued shares will be put in premium account as if the same shares were issued at premium.

C&I Leading explains that the intention is to have a bank of unissued shares from which new capital can be sourced without recourse to increase in authorised share capital.

It says the money soon to be so raised through equity will be used to finance planned expansion, repay some liabilities and enhance the company's corporate mix.

To qualify for the new shares, the date set is December 12 2018 and so the register of the company will be closed from December 13 to 27 for the required new shares to be allocated.

What seems unclear, however, is what happens to the open market price of the shares before and after the scheme.

Technically, the shares should become more valuable but would they and if yes, by how much? Of course that's the market to decide.

SUNU ASSURANCE CEO RESIGNS

The Managibd Director/ Chief Executive Officer of Sunu Assurance Mr Morufu Apampa has resigned his appointment since November 30, this year 

According to company secretary, John Akujieze esq an acting CEO in the person of Mr Samuel Ogbodu has been appointed to take charge.

Mr Ogbodu, in line with standing rules issued by the National Insurance Commission NAICOM, will act for a maximum of 90 days.

Within this period, it is hoped that a substantively CEO will be appointed.

UACN: NEW GROUP CEO NEXT YEAR.

The Group Chief Executive Officer of UAC of Nigeria, Abdul Akhor Bello, proceeds on retirement from January 1, next year.

According to company secretary and legal adviser, Godwin A Samuel, until a new GCEO is appointed, the executive director Corporate Services, Mrs Omolara Elemide has been appointed in acting capacity 

The search for the new GCEO, says Samuel, starts immediately.

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