August 10, 2023/Futureview Financial Services

Futureview Financial Services Limited (“Futureview”) is delighted to announce the opening of the 531,242,609 ordinary shares Right Issue Programme for McNichols Consolidated Plc (“McNichols” or the “Issuer”) with a nominal value of N0.50 each at a price of N0.50 per share on the basis of seventeen (17) ordinary shares for every twenty-three (23) ordinary shares held as at September 16, 2022. The Right Issue Programme is NOW OPEN and scheduled to close on August 31, 2023.

McNichols Plc stands as a home-grown fast-moving consumer goods brand within the food and beverage industry, dedicated to enriching the quality of life and contributing to the well-being of Nigerians. 

McNichols specializes in the production and sale of food and beverage products. The Food Products segment encompasses custard products and offerings from the pancake house. The Beverages segment caters to sugar products, chocolate-flavored milk, tea, and various milk-based products. These goods are distributed through a network of reputable distributors across Nigeria.

The Company demonstrated significant growth in its FY-2022 financial performance across key metrics. Notably, FY-2022 revenues surged by 8% to reach N834.02 million, a notable increase from the N773.56 million reported in FY-2021. This growth was primarily fueled by a substantial 68% increase in turnover within the beverage segment. Moreover, enhanced supply chain management led to cost savings and streamlined operations, contributing to a 14% rise in operating profit during FY 2022. Profit before tax saw a remarkable 45% increase, rising from N17.58 million in FY 2021 to N25.57 million. Net profit also experienced healthy growth, ascending by 38% from N14.30 million in FY 2021 to N19.76 million in FY 2022.

Aligned with its overarching vision and as a crucial component of its strategic business funding initiative, McNichols Consolidated Plc is seeking to raise equity capital through this Right Issue. The primary objective behind this capital infusion is to facilitate the expansion of its production capacity, ensuring the company can effectively address the demands of its markets while enhancing its distribution channels.

Please see below indicative terms of the Right Issue Programme below:

Kindly access supporting offer documents via McNichols Right Issue  for your review and consideration;

1.    Programme Memorandum

2.    Investment Presentation

3.    Investor Teaser

4.    Participation Form (Acceptance/Renunciation Form)