Trans-Nationwide Express Plc has notified the Nigerian Exchange and the investing public its Board of Directors has decided to increase the Company Share Capital to N498.15 million via Rights Issue.
At the 31st Annual General Meeting of the Company, part of the resolutions made is stated thus:
That the Share Capital of the Company be and is hereby increased from N249,075,038.50 to N498,150,077.00 by the creation of additional 498,150,077 ordinary shares of N0.50 each ranking pari-passu in all respects with the existing ordinary shares of the Company.
That following the approval of the increase in the Company’s share capital and subject to the Company obtaining all required statutory approvals, the Directors be and are hereby empowered to issue the newly created ordinary shares of 498,150,077 (four hundred and ninety-eight million, one hundred and fifty thousand, seventy-seven) through a Rights issue to existing shareholders.