The Board of Directors of Transcorp Hotels Plc has notified all its esteemed shareholders that the National Council of The Nigerian Stock Exchange approved the Company’s free float compliance extension request of three (3) years ending October 3, 2023.
Free float, also known as public float, refers to the shares of a company that can be publicly traded and are not restricted (that is held by insiders). In other words, the term is used to describe the number of shares that is available to the public for trading in the secondary market.
The extension given to Transcorp Hotels Plc is to enable the Company to comply with the Exchange’s free float requirements of 20 percent issued and fully paid share capital or N20billion free float market capitalisation for companies listed on its Main Board.
Read Also: Transcorp Hotels gets shareholders’ approval to raise N9.9bn via Rights Issue
Transcorp Hotels Plc is among the listed companies on the Nigerian Stock Exchange said to be deficient in their equities free float.
In line with Rule 3.1.4 of the Exchange’s rules governing Free Float requirements, the Exchange may suspend trading rights in the Company’s securities if the Company does not achieve the required free float within the stipulated timeframe.
The Board and Management of Transcorp Hotels Plc remains strong and is committed to good corporate governance and to delivering value to
all its stakeholders.
The Company said it is positioned to achieve and meet the free float
requirements of The Nigerian Stock Exchange within the three (3) years’ timeframe, ending 3 October 2023.
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