Monday, July 13, 2020 / 4:43 PM
/ NSE / Header Image Credit: DEAPCAP
Deap Capital Management & Trust Plc. (DEAPCAP
or the Company) clarifies the news item from various online sources, especially
The Cable, dated 9 July 2020, and captioned "AMCON takes over assets belonging
to Deap Capital-sixth seizure in 21 days": https:/Avww.thecable.ng/n1-6bn-debt-amcon-
The Company hereby makes the following
- The Asset Management Corporation of Nigeria
(AMCON or the Corporation) holds a significant equity stake in the Company. The
Corporation holds about 20% equity stake in the Company.
- The Company is indebted to AMCON. The
indebtedness stands at about N1.6 Billion.
- The indebtedness arose from the Corporationâ€™s
purchase of eligible bank assets.
- The Corporation instituted an action against the
Company in the Federal High Court, Lagos and judgment was delivered on January
- The Corporation had judgment awarded in its
favor in the above suit.
- Pursuant to the judgment, the Corporation
instituted recovery processes against the Company.
- The Corporation recently secured a Court Order
to attach the assets of the Company's former directors.
- The assets as described by the aforementioned
news item, and referenced by a Press Release from AMCON are the assets of one
of the Company's former directors attached to the judgment.
- The Company is resolving its indebtedness to
- The Company is working with its stakeholders to
ensure its return to profitability.
- The Company is resolving its operational
challenges most notably the recovery of its operational licenses.
- The Company's Board of Directors is committed
to resolving all issues.
Visit Deap Capital Management & Trust Plc IR Page in Proshare MARKETS
Graph - One Year Share Price Movement
Table: Q1 2020 Unaudited Results
1. DEAPCAP Notifies of
Emergency Board Meeting...
2. DEAPCAP Declares N6m
Loss in Q1 2020 Results SP N0.36k ...
3. DEAPCAP Announces
Delay in Submission Of Audited Financial Statements
4. DEAPCAP Notifies of
Changes in the Company's BOD, Mgt, Company Sec. and Office Address
5. DEAPCAP - Late
Rendition of the 2013 & 2014 Audited Accounts to the NSE
6. DEAPCAP Releases 2013
and 2014 Audited Result;Declares N494.86mln PAT in 2014,(SP:N0.50k)
7. DEAPCAP Appoints Jacob
Esan as CEO; 4 others as Directors