Flour Mills Rights Issue Ends Feb 21

Flour Mills of Nigeria (FLOURMILL) Rights Issue, opened on 15 January, 2018, will close on Wednesday, 21 February 2018. 

The Rights Issue is being undertaken to enable FLOURMILL deleverage its balance sheet, support working capital needs, and position the company to exploit value-accretive opportunities.

Details of the Rights:

Being Issued –                      1,476,142,418 Ordinary Shares of 50 kobo each

Rights Price –                       N27.00 per share

Gross Issue Proceeds –      N39,855,845,286

Provisional Allotment –       9 new Ordinary Shares for every 16 Ordinary Shares of 50 kobo each held
as at the close of business on 8 December 2017

Worthy of Note:

(1) The Rights is offered at 17.18% discount to the stock’s current market price of N32.60,