Edward strode to the lectern and adjusted his papers. Benibo and Mr. Odili had just finished updating the hundred-odd audience at the emergency extraordinary general meeting. He tried to avoid the gaze of Chief Okrika and Mr. Odusote seated on the third row.
“Good morning, ladies and gentlemen. I‘m delighted to be here in front of you again to share these exciting opportunities for Bestman Group PLC and our shareholders. I hope we‘re now all experts on bonds and shares. Are there any questions?”
The crowd rumbled with pockets of laughter. A man wearing a red cap stood up at the back of the hall. “My name is Honorable Ishiekwene of the Shareholders Association. I read the annual report introduction and everybody including employees and suppliers received a word of thanks, except for the shareholders who have shown enormous loyalty to Bestman Group. I think the shareholders are not getting their fair share here.
“Regarding financial stability, I can see that there is no stability with acquirers wanting to take over the company. This is getting out of hand. The lawyer mentioned the shares issue, but this would lead to dilution due to the injected capital, which is not good for shareholders. I would like a better solution to these problems.”
“I would like to first apologize for the oversight in the report because we know our shareholders are loyal. In answer to your question, I want to summarize why we believe this is a great deal for Bestman and, over time, will create value for shareholders. If you remember when we met last September, I foresaw significant profitable growth opportunity in our business. Now we are moving from seeing to believing. The 40,000,000 new ordinary shares of fifty kobo each to be issued by our Capital Investment Fund at a price of five naira per share will raise gross proceeds of two hundred million naira. An application has been made to the Nigerian Stock Exchange to place this on the listed securities market, and it has already given its tentative approval.
“It is expected that admission of the shares if passed today will become effective and dealings commence on 30 April. This offer has already been oversubscribed as we speak, mainly by our potential telecommunication partners. Subject to final ratification, the shares will be issued credited as fully paid and will rank as the same with Bestman‘s existing ordinary shares, including the right to receive dividends declared, made or paid in respect of such shares.”
The microphone whined and Edward tapped it gently as the hall seemed to come alive.