By Nse Anthony-Uko
(Sundiata Post) — Stanbic IBTC Nominees Nigeria Limited, Blakeney GP 111 Limited and Themis Capital Management have increased equity stake in UAC of Nigeria Plc (UACN) to 22 per cent.
In a notification signed by the company secretary/legal adviser, Godwin Samuel and sent to the Nigerian Stock Exchange (NSE), the company announced changes in the ownership of its shares, with three institutional investors holding a cumulative 22 per cent.
According to the company, pursuant to rule 12.1 of the amendment to the NSE listing rules, UACN has notify the Exchange that the three shareholders now own five per cent and above stake in the Company’s shares.
Stanbic IBTC Nominees Nigeria Limited now holds 225.228 million units or eight per cent, Blakeney GP 111 Limited, 165.79 million, or six per cent and Themis Capital Management holds 232.345 million shares or eight per cent. UACN Plc last year concluded a N15.4 billion rights issue to bolster its working capital and recapitalise the other subsidiaries within the group.
The issue, which was on the basis of one new ordinary share for every two held at the close of business on October 19, 2017 opened the offer on November 15 and closed December 22, 2017.
The chairman of UACN, Mr. Dan Agbor, said the additional capital would help UAC to partake in the various right issues being undertaken by its subsidiaries in order to provide them with enough capital to take advantage of emerging opportunities in their various sectors.
He said that already, the right issues through which two of its subsidiaries, UACN Property Development Company and Livestock Feeds Plc, are raised N5.16 billion and N750 million respectively, are at various stages of execution, while Portland Paints and Products Nigeria Plc concluded offer for N1.02 billion.
He stated, “the board has identified an urgent need to bolster your company’s capital position. This will ensure that your company is able to subscribe for these rights issues and provide its subsidiaries with working capital support in a timely manner, so that the subsidiaries can quickly respond to challenges and take advantage of emerging opportunities.”