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.
1. Resort Savings and Loans Announces Decision to Retain their Current Location