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Livestock Feeds to float 600m Rights Issue

Category: Daily & Weekly Market Updates

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Livestock Feeds to float 600m Rights Issue

September 12, 2006/ punch



Shareholders of Livestock Feeds Plc on Monday, approved the floating of 600m Rights Issue to raise the firm’s share capital from N17m to N317m.

This is in a bid to revert the company’s negative shareholders’ funds to positive figures.

Speaking at the Annual General Meeting of the company in Lagos, the shareholders also called for more aggressive marketing of the company’s products and strategic positioning nationwide so that it could take its right share of the animal feeds market.

The Chairman of the company, Mr. Robert Tade, had reminded the shareholders that the resolutions on the Rights Issue were adopted at the Extra-Ordinary General Meeting, and ratified at the last AGM of the company.

He said, “The resolutions support in the first instance the increase in share capital from N17m to N317m, by the creation of 600m new ordinary shares of 50 kobo each ranking with the existing shares. This is to be effected through the award of Rights Issue of 22 new shares for every one ordinary shares of 50k each.â€ÂÂÂÂÂ

Tade said that the first phase of the company’s turnaround plans, which was initially delayed, was on course, adding that the final settlement of the major shareholders of the debenture group and other debts that threatened to ruin the company, also paved the way for quick resolution of the “life-threatening legal issues†and the retrieval of encumbered assets of the company.

He explained that despite the challenge to offset the debilitating debts, the company had not sold any of its properties. He said that the key property in Kaduna would soon be re-opened for operations even as administrative expenses were drawn based on cost effectiveness.

He said that the operating environment was characterised by prohibitive interest rates that hovered between 28 and 35 per cent, poor infrastructure such as epileptic power supply and deteriorating rood network, during the period under review.

The Chairman stated that the outbreak of the bird flu epidemic in February, with the resultant decimation of poultry population nationwide, almost resulted in collapse of the poultry industry.

He, however, said that abatement of the epidemic through sustained media campaigns and enlightenment had ensured that the market was “gradually and steadily resuscitating†with the prevalent rush for acquisition of good quality day-old chicks as a sign of steady market rebound.

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