By Kingsley Adegboye
Resort Savings and LoansÂ Â Plc, one of the forefront primary mortgage institutions (PMIs) in the country has concluded plans for listing at the Nigerian Stock Exchange. Making this known at the Extra-ordinary General Meeting of the company at the weekend, Mr. Joe Idudu, chairman, board of directors of the PMI noted that the listing of the companyâ€™s shares at the Nigerian Stock Exchange will guarantee investors a steady window of opportunity to trade in the shares by buying new shares of the mortgage bank on the floor of the capital market.
According to Mr. Idudu, the bank last year took a decisive step of enhancing its capital base through a private placement exercise, adding that the shares of the bank were overwhelmingly oversubscribed and at the end of the exercise, a total of 13,164,652,404 units of shares were subscribed by 13, 245 shareholders and allotted in full after split of the shares from N1.00 to 0.50 Kobo each.
The chairman who said this is inclusive of 141,800,755 units of shares subscribed to by 13 members of the company as Rights Issues which were allotted in full, pointed out that the conclusion of the private placement exercise invariably necessitated an increase in the share capital of the bank to an authorised share capital of N10,000,000,000 and N6,582,326,202 fully paid up capital, subject however, to the ongoing share capital verification approval of the Central Bank of Nigeria.
â€œThis has placed your bank in a very strong position to compete in the mortgage banking industry, as one of the most capitalised primary mortgage institutions and offer good returns to its shareholders. Moreover, the over-subscription of the private placement shares of the bank by more than 13,245 shareholders, inevitably changed the status of your bank as a company with few shareholders to a public company, with thousands of shareholders, from across the country and beyond, with great expectations.