Crusader (Nigeria) Plc has said that it raised N1.8bn from its rights issue of a zero coupon irredeemable convertible debenture.

The Chairman of the company, Prof. Monsur Kenku, disclosed this during the group’s 42nd annual general meeting in Lagos on Thursday.

He said, “As approved by our shareholders, we undertook a rights issue of a zero coupon irredeemable convertible debenture. From the exercise, the company raised a total sum of N1.8bn.”

Kenku said that this would enable the company to craft a restructuring and investment programme that would realign its business and underpin the development of its bank of landed properties so that it could begin to generate income.

According to him, these initiatives will quicken its return to profitability and dividend payment.

He said that the company exercised its right to convert the convertible preference shares it held in its erstwhile associate company, CrusaderSterling Pensions Limited, (CrusaderSterling).

This conversion, he said, significantly increased its percentage holding in the company, thus, turning it into a full subsidiary this year.

He said CrusaderSterling was a star performer in the pension fund administration business adding that based on the current transaction prices in its shares, the investment in the company had been extremely worthwhile.

The chairman disclosed that CrusaderSterling had also met the enhanced capital requirement prescribed by the National Pension Commission, through the issue, by way of rights, of additional ordinary shares of the company.

Source: Punch/Nike Popoola