Primrose Investment Limited, a real estate and property development company, has announced the purchase of additional 21.1 million units of FCMB Group Plc shares worth N66.6 million.
This is according to a recent disclosure, signed by the firm’s secretary, Olufunmilayo Adedibu, and forwarded to the Nigerian Stock Exchange.
Breakdown
The breakdown of the recent deal showed that Primrose Investment Limited purchased a total of 21,123,071 units of FCMB shares at an average price of N3.0916 per share. This puts the total consideration for the shares purchased at N65, 304,086.3
It is pertinent to note that the deal took place in seven tranches on 4th, 5th, 6th, 10th, 12th, 26th and 27th of August, 2021. The breakdown of the amount spent in each tranche is succinctly captured below;
- In the first tranche, 6,888,555 units of the firm’s share were purchased at N3.1692 per share, grossing N21,831,208.51
- Another 534,516 units were purchased at N3.0762 in the second tranche, totalling N1, 644,278.12.
- In the third tranche, 5,100, 000 units were purchased at N3.0998 per share, grossing N15,808,980
- A further 5,000,000 units were purchased at N3.1468 per share in the fourth tranche, grossing N15,734,000
- In the fifth tranche, additional 500,000 units were purchased at N3.0977 per share, totalling N1,548,850.
- An additional 600,000 units were purchased in the sixth tranche at N3.0128, totalling N1,807,680.
- In the last tranche, 2,500,000 units of shares were purchased at N3.0389 each, worth N7,597,250
What you should know:
- Recall that in July, Primrose Investment Limited had invested about N70.2 million in acquiring 22 million units of FCMB shares.
- As at the period of reporting this, FCMB is currently trading N2.97, down by 2.62%.