Ikeja Hotel Plc to raise additional capital via rights issue, declares 1 for 3 bonus to shareholders

Ikeja Hotel Plc has got approval of the shareholders to raise additional capital via rights issue of issue of 1.134 billion units and also issued N346m worth of bonus shares.

In a notice to the Nigerian Exchange, following resolutions were proposed and duly passed as special resolutions of the Company:

That pursuant to Articles 6 & 48 of the Company’s Articles of Association, and the directors have so recommended, the Shareholders hereby approve the issue of a bonus issue of 1 (one) share for every 3 (three) shares held in the Company amounting to 692,932,133 units at 50k each at a total cost of N346,466,066.5 to members on the Register of Members as at July 4, 2023, to be set off from the Company’s retained earnings in the 2022 audited accounts of the Company.

That additional capital be raised by the issuance of 1,133,888,945 units of unissued shares of the company as a rights issue at the rate to be determined by the board of directors to existing shareholders based on 6 (six) new ordinary shares for every 11 (eleven) ordinary shares held in the company to members on the register of members as at December 13, 2022, based on the 2022 audited accounts of the Company.