Peace Mass Transit acquires 56% shares in leasing firm

C&I Leasing Plc said Peace Mass Transit has purchased 313,326,316 units of the Neoma Africa Fund L.L.C. (formerly Aureos Africa Fund, L.L.C.) which is about 55.82 per cent of its unsecured variable coupon shares.

The redeemable convertible loan stock is in registered units of N4.75 each or its US dollar equivalent, it said.

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According to a statement issued by the Company Secretary, Mbanugo Udenze & Co., when fully converted, the loan stock will result in the issuance of 987,500,000 ordinary shares of the company. This will represent 55.82 per cent of the issued shares of the company.

The company also notes that: “The acquisition 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.”

Shareholders approved the conversion of the notes to ordinary shares at an extraordinary general meeting held on November 3, 2020.