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DVCF Oil & Gas raises equity stake in The Initiates Plc

…acquires additional 3m units

DVCF Oil & Gas Plc, the substantial shareholder in The Initiates Plc (TIP), has increased its equity stake in the company.

The latest being DVCF Oil & Gas Plc purchase of additional 3million shares of The Initiates Plc at 63kobo per share. The Initiates Plc has shares outstanding of 889,981,552 units.

The transaction valued at N1.89million was done on September 2, 2020 at the Nigerian Stock Exchange (NSE).

DVCF Oil & Gas Plc had on August 28, 2020 bought 120 units of The Initiates Plc at 70kobo per share.

The Initiates Plc (TIP) shareholding structure and free float status as at half-year (H1) period ended June 30, 2020 showed DVCF Oil & Gas Plc accounted for 332,174,967 units or 36.91percent; Ossai Reuben M (190,695,237 units or 21.19percent); Afolayan Samuel (65,453,152 units or 7.27percent); Oboh-Ozoherebe Gordon (58,568,412 units or 6.51 percent).
These four substantial shareholders accounted for 646,891,768 units or 71.88 percent of the company’s issued share capital as at June 30. The Initiates Plc with a free float percentage of 21.49percent as at June 30, 2020 is compliant with the Exchange’s free float requirements for companies listed on the ASEM Board.
Details of directors shareholdings (direct and indirect), excluding directors’ holding substantial interests show Anosikeh Joe Ogbonna held 18,295,796 units or 2.03 percent.

Alikor Achi Edward (1,126,761 units or 0.13 percent); Ebinum Joseph (Indirect – Bell Iyke Limited) holds 34,550,000 units or 3.84 percent; while Oboh Charles Aroawode holds 1,000,000 units or 0.11 percent.

TIP is a professional Waste Management company delivering Waste Management, Industrial Cleaning and Decontamination services to both Private and Public sectors. TIP is quoted on the floor of the Nigerian Stock Exchange.

The company’s half-year (H1) 2020 financials show revenue of N246.35million as against N266.98million in H1’19, representing a drop of 7.73percent. Gross Profit in H1’20 decreased to N66.99million from H1’19 high of N105.12million, a shortfall of 40.08percent.

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