Acorn Petroleum to raise share capital by 200 per cent

Plans N4b public offer
The Shareholders of Acorn Petroleum Plc. have approved the increase in share capital of the company by 200 per cent at an Extra-Ordinary General Meeting (EGM) from N1.5 billion to N4.5 billion.

The event, which took place January 28, 2016 at Oakwood Park Hotel, Lekki Peninsular attracted large number of shareholders.

According to resolution of the EGM, the approval by the shareholders for an increase in share capital of Acorn Plc. by 200 per cent by the creation and addition thereto of 6 billion ordinary shares of 50 kobo each to the company’s existing share capital will help to reposition the company for strong competition in the downstream sector of the oil and gas industry.

The Acting Company Secretary of Acorn Plc, Deoye Ajidahun, said, “The new shares are to rank parri passu with the company’s existing ordinary shares.

The Shareholders also granted the board of director’s approval to raise additional equity capital of N4 billion to new investors upon such terms and conditions to be determined by the Directors and in compliance with all applicable laws and regulations.

Acorn Petroleum Plc. is a Nigerian registered oil and gas company. Established in 1981, the business of the company today includes trading in refined petroleum products in and out of Nigeria, distribution of refined products through its chain of Acorn branded retail outlets, aviation fueling business and storage and terminal operations.