Sunday May 22, 2022/ 07:33 AM / by NGX/ Header Image Credit:  Multiverse Mining 

Following the special resolutions passed at the Annual General Meeting of Multiverse Mining &ER Exploration Plc, (Multiverse or the Company) on 28 November 2019, Trading License Holders are hereby notified that Nigerian Exchange Limited has received an application from Cashville Investments & Securities Limited for a proposed share reconstruction of Multiverse. 

It is intended that the Share Reconstruction be carried out under the provisions of the Companies and Allied Matters Act 1990 (“CAMA”), Part V, Section 105 to113 (currently section 131, CAMA 2020) for the reduction of share capital. The purpose of the Share Capital Reconstruction exercise is to offset accumulated losses on the Company’s statement of financial position which will enable the Company to undertake subsequent future capital raise. 

The share capital reconstruction will result in the cancellation of nine (9) existing ordinary shares out of every ten (10) ordinary shares held by existing Shareholders. The total number of issued ordinary shares post the reconstruction exercise will be 426,193,868 (Four Hundred and Twenty- Six Million, One Hundred and Ninety -Three Thousand, Eight Hundred and Sixty-Eight) ordinary shares while 3,835,744,818 (Three Billion, Eight Hundred and Thirty-Five Million, Seven Hundred and Forty-Four Thousand, Eight Hundred and Eighteen) ordinary shares would be cancelled. Post reconstruction, the Company’s total unissued ordinary shares will be 4,073,806,132 (Four Billion, Seventy-Three Million, Eight Hundred and Six Thousand, One Hundred and Thirty-Two). 

Analysis of the Company’s share capital, pre and post share reconstruction, is provided in the table below:

Further information regarding the Share Reconstruction will be communicated in due course.