Proprietary investment company, VFD Group, has announced a share price adjustment following its 5-for-1 bonus share issuance.
In a statement on Wednesday, the group said that the share price adjustment reflected the adjustment associated with the impact of the bonus issue on the increase in the number of shares in circulation.
To shareholders, the firm said, “The impact of this bonus to shareholders means for every one share held as of April 22, shareholders will receive five additional bonus shares, bringing their new total holding to six shares. However, the overall value of each shareholder’s investment remains the same at the point of adjustment.”
The bonus shares will be credited to eligible shareholders on or before the June 14, 2025, subject to approval by shareholders at the 2025 Annual General Meeting and final clearance by the Securities and Exchange Commission.
Meanwhile, the group returned to profit in the 2024 financial year as it recorded gross earnings of N87.76bn in FY 2024, a 94 per cent increase relative to N45.36bn in the previous year. It’s profit before tax rose to N11.25bn compared with a loss sustained in FY 2023 amounting to -N1.02bn and profit after tax stood at N8.69bn from a Loss After Tax in 2023 of N0.75bn.
Commenting on the results, the Group Managing Director/ Chief Executive Officer, Nonso Okpala, said, “In 2024, the Group demonstrated a robust financial Performance, underscoring the effectiveness of our investment strategy and the resilience of our business model. Strategic investments and divestments drove a significant increase in earnings
and profitability during the year. We reinforced financial resilience, expanded our investment portfolio, and strengthened our governance framework, all while embracing digital innovation.
“A successful rights issue of N12.5bn contributed to a remarkable 80 per cent growth in our shareholders’ fund, reaching approximately N58.53bn. This substantial capital base, coupled with an improved leverage profile, positioned us for sustained growth and long-term financial stability.
“Looking ahead to 2025, we are committed to capitalising on emerging opportunities across Africa and the Western World, while consistently delivering long-term value for our shareholders, leveraging innovation, strategic partnerships, and disciplined execution to sustain our market leadership.”
