Follow Us on Google Discover![[GIVE & TAKE] Flour Mills Announces N30 billion Rights Issue Two Days After Closing its Register for N5.5 billion Dividend](https://cdn.nairametrics.com/wp-content/uploads/2015/08/deceive.jpg)
- Flour Mills Nigeria Plc has notified the Nigerian Stock Exchange that through its stockbroker; Stanbic IBTC Stockbrokers Ltd it has submitted an application to The Exchange for approval and listing of a Rights Issue of 1,093,438,828 Ordinary Shares of 50k each at N27.50 per share on the basis of 5 new ordinary shares for every 12 ordinary shares held.
- The Qualification Date for this Rights Issue is 12 August 2015.
- Flour Mills hopes to raise about N30billion from its shareholders with this rights issue
- The company in its latest full year annual report said it had about N188 billion in debts
- The current debt to equity structure of the company is 2.1 with the company spending about N24 billion in finance expense.
- Flour Mills is incidentally closed its register for dividend payment August 10 and plans to spend about N5.5 billion when it eventually pays dividends on September 24 2015
- In effect, Flour Mills will be hoping to get N30 billion from its shareholders whilst paying out N5.5billion in dividends
- Flour Mills share price closed 5% lower on Wednesday at N28.03
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