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VFD Group Gets Board Approval to Raise ₦32.5bn Recapitalisation Fund

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VFD Group Plc has announced plans to raise ₦12.5 billion in new capital from its existing shareholders through a rights issue.

This is as the group shareholders approved the decision to raise an extra ₦32.5 billion from the capital market.

VFD Group noted that the funds will be raised through a rights issue to existing shareholders and a debt issuance programme.

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It added that ₦12.5 billion will be used to increase shareholder value, strengthen its market position, and support its strategic growth objectives through new strategic investment opportunities.

The VFG board has consequently appointed Kairos Capital Limited as Financial Adviser to advise on the recapitalization process.

The Board also appointed the following firms as mandated issuing houses for this right’s offer: United Capital PLC as Lead Issuing House, CardinalStone Partners Limited, Kairos Capital Limited, and Norrenberger Advisory Partners Limited as Joint mandated Issuing Houses.

Anchoria Investments & Securities Limited, CardinalStone Securities Limited, TRW Stockbrokers Limited, and Edgefield Capital Management Limited have been appointed mandated stockbrokers for the right’s issue. Udo Udoma & Belo-Osagie has also been appointed as the offer’s solicitors.

Recall that VFD Group Plc earlier in June announced intentions to list on the Nigerian Exchange Group (NGX), in a move to allow the company to gain access to public equity markets, increase its visibility, and strengthen its financial position.

This will delist VFD Group from the NASD OTC Securities Exchange where it has been listed since 2020.

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