Dangote Cement Plc has announced the commencement of its share buy-back programme.
The Share Buy-Back Programme will be executed under the approval granted by the Company’s shareholders at the Extraordinary General Meeting of the company which held on 21 January, 2020, 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 Stock Exchange (NSE). Based on the aforementioned shareholders’ approval, the number of shares to be repurchased under the Share Buy-Back Programme will not exceed 10% of Dangote Cement’s issued capital.
The Programme will be effected in tranches, with Tranche I being executed by the appointed stockbrokers on the Company’s behalf.
Relevant details of this Tranche I are set forth below:
The Company through its appointed Stockbrokers will at its discretion purchase Dangote Cement shares in the open market over the duration of Tranche I, subject to prevailing market conditions and under the current daily trading rules of The NSE. Dangote Cement Plc would however not be under any obligation whatsoever to purchase any or all of the Dangote Cement shares put on offer over the duration of Tranche I.
The shares being bought back by the Company under the Share Buy-Back Programme will be held as treasury shares, and may subsequently be cancelled. Execution of this Tranche I is not expected to have any material impact on the Company’s financial position.
Dangote Cement shareholders seeking to participate in Tranche I 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 submission of trades on The NSE’s trading platform.
Dangote Cement Plc will provide weekly updates on the progress of Tranche I of the Programme on its website over the duration of this tranche. The Company 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 I of the Share Buyback Programme.