Peace Mass Transit acquires 55.82% ordinary shares of C&I Leasing Plc

C&I Leasing Plc has announced that Peace Mass Transit has purchased 313,326,316 units of the Neoma Africa Fund L.L.C. (formerly Aureos Africa Fund, L.L.C.) unsecured variable coupon redeemable convertible loan stock in registered units of N4.75 each or its US$ equivalent in C&I Leasing Plc.

This was disclosed by the company in a statement issued and signed by the Company Secretary, Mbanugo Udenze & Co.

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When fully converted, the loan stock will result in the issuance of 987,500,000 (Nine Hundred and Eighty-Seven Million and Five Hundred Thousand) Ordinary Shares of the Company.

This will represent 55.82% of the issued shares of the Company.

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What they are saying

The Company, in the issued statement available on the NSE, argued that: “the transaction will strengthen the capital base of The Company and improve clarity of the capital structure.”

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The Company also notes that: “the acquisition is highly beneficial to the company as the need for a possible redemption of the Notes, with the company’s cash resources, has been eliminated.”

What you should know: Shareholders approved the Conversion of the Notes to ordinary shares at an Extraordinary General Meeting held on 3rd November 2020.