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Peace Mass Transit acquires 313.3m units of Neoma Africa Fund’s loan stock in C&I Leasing

Peace Mass Transit acquires 313.3m units of Neoma Africa Fund’s loan stock in C&I Leasing

C&I Leasing Plc notified the Nigerian Stock Exchange (NSE) and the investing public of the purchase of 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 by Peace Mass Transit Limited.

The company said it was also notified that all requisite documents in connection with the transaction have been executed by parties.

The loan stock, when fully converted, will result in the issuance of 987,500,000 Ordinary Shares of the Company which will represent 55.82percent of the issued shares of the Company.

C&I Leasing said in a notice signed by Mbanugo Udenze & Co, Company Secretary that, “The transaction will strengthen the capital base of The Company and improve clarity of the capital structure.

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“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 statement reads.