Stock & Analyst Updates | |
Stock & Analyst Updates | |
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Thursday, September 20, 2018/ 01:10PM / NSE
The Board and Management of Resort Savings &
Loans Plc (the Bank) wishes to update The Nigerian Stock Exchange (The
Exchange), Shareholders and other stakeholders of activities relating to the
capitalisation of the Bank.
The Bank has a major investor in Messrs Milost
Global Incorporation. The Bank had executed binding agreement and first
drawdown agreement of $10.0 million dollars with a provision for
immediate release of $1.0 million dollars. The release of the fund is being
delayed by the valuation of the Bank's shares through market forces. The shares
are presently on technical suspension and we believe that this will be lifted
on provision of constant and required information to the Market.
In view of the above therefore, and towards achieving quick results to resolving issues raised by various regulators, the following has been done vis-a-vis the re-capitalization:
Further to this, the Board and Management have been
assured by both the local and foreign investors of their readiness to turn the
Bank around positively.
In this regard, we have assurances that the funds
which are already escrowed shall be released as per our agreed Term Sheet. It
is not in the interest of anybody that the funds are kept idle any further.
The Board and Management wish to assure all
Stakeholders of brighter future for the Bank.
We thank you all for your understanding, patience and
support.
Related
News
1. Resort Savings and Loans Announces Decision to
Retain their Current Location
2. Resort Savings " Loans Plc Notifies on The Status of
Its Re-Capitalization
3. Resort Savings and Loans Plc Sources Prospective
Investors, Milost Global Inc.
4. Resort Savings and Loans Plc Appoints Mr. Kolawole Israel
Adesina as Executive Director and COO
5. Resort Savings & Loans Plc Appoints Senator Sunday
Olawale Fajinmi as Chairman
6. Resort Savings & Loans Plc Appoints Mr. Olayemi Rabiu
as MD
7. Resort Savings & Loans Plc Appoints Mr. Oshoke Aliu as
an Executive Director
8. NSE Places RESORTSAL on Full Suspension Pursuant to the
Directives of SEC