Business

Custodian Investment gets shareholders’ nod to raise $15m

Shareholders of Custodian Investment Plc have authorised the board of directors of the company to raise the naira equivalent of up to $15 million as additional capital through a convertible loan instrument. The shareholders gave the approval at the 26th Annual General Meeting (AGM) of the group held in Lagos on Thursday. They also authorised the directors of the company to convert the loan into shares in the company at a conversion price higher than N6.00 per share or the 12-month historical daily share price of the company derived from the Daily Official List of the Nigerian Stock Exchange (NSE) for the period ended March 23, 2021.

They commended the board and management of the company for reporting improved financial performance and returns on investment despite the adverse effect of Covid-19, which disrupted global and local economies in 2020. According to the President of Nigeria Shareholders Solidarity Association, Mr. Matthew Akinlade, the performance by the board and management of the company is a very good one based on the financial indices.

“You have done very well and I wish you better days ahead,” he said. The National Coordinator Emeritus, Independent Shrehokders Association of Nigeria, Sir Sunny Nwosu, also lauded the company’s performance and returns on investment. He advised that the company should consider a bonus issue to shareholders because of the robust statutory reserves and regulatory requirement.

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