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Friday, 16 June 2017

Shareholders raise worries over Lafarge Africa's money related rebuilding

A section of shareholders gathering under the aegis of Nigerian Shareholders Renaissance Association, RESAN, has communicated worry over the recapitalization arrangements of Lafarge Africa Plc to bring about N140 billion up in a Rights Issue and rebuild its accounts. The Board of Directors of Lafarge had at its 58th Annual General Meeting (AGM) hung on June 7, 2017 asked for shareholders endorsement of the obligation rebuilding by methods for a rights issue, where LafargeHolcim will change over its obligation into value. An initial step of the rebuilding has been executed with a renegotiating secured by a Hedge on the Nigerian Autonomous Foreign Exchange Fixing (NAFEX). The Directors expressed that the exchange will have no effect on the organization's Profit and Loss account, adding that the expectation was to blend United Cement, Calabar (UNICEM) into Lafarge Africa Plc. RESAN in an announcement marked by its President and Secretary, Ambassador Olufemi Timothy and Mr. Raph Ogedengbe, made accessible to Vanguard stated, "We have motivations to trust that, this Rights Issue if executed without a clause(s) and, or Memorandum of Understanding , MoU, that our organization might not repudiate the NSE control of posting prerequisite, and that our organization should keep up in any event least 20 for every penny open buoy as required by law, live with it, ensure same, premium, ventures of retail, minority shareholders might be at Risk and in Jeopardy."

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