WED 12 JAN, 2022-theGBJournal- The Cement manufacturing giant said today in a statement after announcing the commencement of the programme, that the ‘’Tranche II will be executed under the approval granted by the Company’s shareholders at the Annual General Meeting of DCP, which was held on 26 May 2021, within the framework provided under Rule 398 (3)(xiv) of the Securities and Exchange Commission’s (“SEC”) Rules and Regulations (as applicable) and in accordance with Rule 13.18 of the Rulebook of the Nigerian Exchange Limited (“NGX”). Based on the aforementioned shareholders’ approval, the number of shares to be repurchased under the Share Buy-Back Programme will not exceed 10% of DCP’s issued capital.’’
Key Highlights:
The Tranche Size is up to 170,003,074 fully paid-up ordinary shares of 50 Kobo each, representing 1% of the currently issued shares, less treasury shares.
Current Issued Shares (This includes 40,200,000 shares held as treasury shares, following the conclusion of Tranche I of the Share Buyback Programme) is 17,040,507,404 fully paid-up ordinary shares of 50 Kobo each.
Meristem Stockbrokers Limited and Vetiva Securities Limited are the appointed stock brokers.
Completion date is Thursday, 20 January 2022, or when the entire Tranche Size has been purchased; whichever is earlier.
How It works
Through its appointed Stockbrokers, the Company will, at its discretion, purchase DCP’s shares in the open market over the duration of Tranche II, subject to prevailing market conditions and under the current daily trading rules of the NGX. DCP would however not be under any obligation whatsoever to purchase any or all of the DCP shares put on offer over the duration of Tranche II.
The shares being repurchased by the Company under the Share Buy-Back Programme will be held as treasury shares and may subsequently be cancelled.
‘’Execution of this Tranche II is not expected to have any material impact on the Company’s financial position,’’ Dangote Management noted.
Dangote Cement shareholders seeking to participate in Tranche II of the Share Buyback Programme are hereby advised to contact their stockbrokers or any other independent professional adviser registered as a capital market operator by the SEC for further guidance on the submission of trades on the NGX’s trading platform. DCP will provide weekly updates on the progress of Tranche II of the Programme on its website over the duration of this tranche.
The Company said it will continue to monitor the evolving business environment and market conditions in making decisions on further tranches of the Share Buy-Back Programme.
‘’Shareholders and investors are advised to exercise caution when dealing in the securities of Dangote Cement until the completion of Tranche II of the Share BuyBack Programme. An announcement will be published upon completion of Tranche II of the Programme.’’
Twitter-@theGBJournal|Facebook-The Government and Business Journal|email: govandbusinessj@gmail.com| info@govbusinessjournal.ng
