July 11, 2023/VFD Group
…Appoints Professional Parties to Its Right Issue of N12.5bn Naira
VFD Group Plc has received shareholder approval to raise an additional N32.5 billion from the capital market. The funds will be raised through a rights issue to existing shareholders and a debt issuance programme.
In light of the shareholder approval, the Board of Directors of VFD Group has appointed Kairos Capital Limited as Financial Adviser to advise on the recapitalization process.
The Board also appointed the following firms as mandated issuing houses for this right’s offer: United Capital PLC as Lead Issuing House, and CardinalStone Partners Limited, Kairos Capital Limited, and Norrenberger Advisory Partners Limited as Joint mandated Issuing Houses.
Anchoria Investments & Securities Limited, CardinalStone Securities Limited, TRW Stockbrokers Limited, and Edgefield Capital Management Limited have been appointed mandated stockbrokers for the right’s issue. Udo Udoma & Belo-Osagie has also been appointed as the offer’s solicitors.
VFD Group’s decision to engage these best-in-class professional parties demonstrates its commitment to upholding the highest standards of transaction execution, regulatory compliance, and corporate governance to ensure the rights issue’s success.
VFD Group intends to raise N12.5 billion Naira in new capital from its existing shareholders through a rights issue, which will be used to increase shareholder value, strengthen its market position, and support its strategic growth objectives through new strategic investment opportunities.
