The Nigerian Exchange Limited has acknowledged an additional 402,082,657 ordinary shares of 50 Kobo each per share of Cadbury Nigeria Plc on its platform.
This was disclosed in the NGX’s weekly report, according to Nairametrics.
The report stated that Cadbury converted the N7,036,446,501.26 intercompany loan into equity resulting in an additional share to be listed on NGX.
The statement read: “Trading Licence Holders are hereby notified that an additional 402,082,657 ordinary shares of 50 Kobo each per share of Cadbury Nigeria Plc (Cadbury or the Company) were on Thursday, 16 May 2024, listed on the Daily Official List of Nigerian Exchange Limited (NGX).
“The additional shares listed on NGX arose from Cadbury’s Conversion of N7,036,446,501.26 Intercompany Loan to Equity.
“With this listing of the additional 402,082,657 ordinary shares, the total issued and fully paid-up shares of Cadbury has now increased from 1,878,201,962 to 2,280,284,619 ordinary shares of 50 Kobo each.
”Recently, Cadbury Nigeria’s shareholders have voted to convert an intercompany loan into equity by allocating 402,082,657 ordinary shares at 50 kobo per share to Cadbury Schweppes Overseas.
Each share ranked pari passu with existing ordinary shares and was priced at N17.50 per share, reflecting the company’s share price at the close of trading on December 27, 2023.
The company has decided to repay the intercompany loan of $7.718 million, equivalent to N7.036 billion, held by Cadbury Schweppes Overseas Limited with equity.
Cadbury Nigeria recorded a post-tax loss of N27.633 billion, mainly due to a significant foreign exchange loss of N36.933 billion, according to the unaudited financial statements of the company for the financial year 2023.
However, the company showed strong topline and midline performance, with gross profit increasing by 130.4% year on year to N79.17 billion, and operating profit increasing by 4,226% year on year to N8.397 billion, indicating a strong profit margin.
On Friday, May 17, 2024, Cadbury Nigeria closed its last trading day at N16.25 per share on the Nigerian Stock Exchange.
