Peace Mass Transit Acquires 55.82% Shares of C&I Leasing

Peace Mass Transit acquires 55.82% ordinary shares of C&I Leasing Plc.

In a statement issued and signed by the Company Secretary, Mbanugo Udenze & Co.

C&I Leasing Plc has announced that Peace Mass Transit has purchased 313,326,316 units of the Neoma Africa Fund L.L.C. (formerly Aureos Africa Fund, L.L.C.) unsecured variable coupon redeemable convertible loan stock in registered units of N4.75 each or its US$ equivalent in C&I Leasing Plc.

When fully converted, the loan stock will result in the issuance of 987,500,000 (Nine Hundred and Eighty-Seven Million and Five Hundred Thousand) Ordinary Shares of the Company.

This will represent 55.82% of the issued shares of the Company.

“The transaction will strengthen the capital base of the company and improve clarity of the capital structure. This is highly beneficial to the company as the need for a possible redemption of the notes, with the company’s cash resources, has been eliminated.

“It is against this background that the shareholders approved the Conversion of the Notes to ordinary shares at an Extraordinary General Meeting held on 3rd November 2020. The purchase and eventual conversion of the shares will strengthen The company’s credentials as a leading Nigerian-owned service provider with operations in Nigeria, Ghana, and the United Arab Emirates.

“The Directors believe that this is a very positive development for the company,” it added.

January 06, 2021