Transcorp Plc 28% of Share Outstanding Sale

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A total of 11,323,362,950 units of Transcorp Plc Shares exchanged hand through on and off trade transaction on the Nigerian Stock Exchange on 30th November 2017. This represented a total of 28% of Issued and fully paid up Ordinary Shares of the Company.

The implication of the above is a significant change in the shareholding structure of the company compare to what it was at the end of the Financial Year end 2016.

In 2016, Mr Tony Elumelu holds a total of 46.26% of the total  share outstanding of the Company through direct and indirect holding of 2,071,704,049 and 15,841,208,911 respectively.

While the share outstanding stood at 40, 647, 990,292 same period.

A closer look at the transaction reveals that the only person that could have pull such a transaction is Mr. Tony Elumelu. Which prompt us to ask the rational behind such sales. Is he selling for cash or bringing on expertise on Board. The Market is expected to react adequately when the Market open next, however by year end, we should be able to know who has come on board as would be reflected by the Share Holding Structure either for cash or expertise.

Transcorp closed at N1.36K on the last trading day of November 2017.
 

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