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Japaul mulls N27b new capital in massive restructuring - Printable Version +- Forums (http://contripeople.com) +-- Forum: General Discussion (http://contripeople.com/forumdisplay.php?fid=5) +--- Forum: Market Place (http://contripeople.com/forumdisplay.php?fid=77) +--- Thread: Japaul mulls N27b new capital in massive restructuring (/showthread.php?tid=35182)

Japaul mulls N27b new capital in massive restructuring - Edoman - 06-23-2020 Japaul mulls N27b new capital in massive restructuring June 23, 2020 [/url] Japaul Oil & Maritime Services Plc [url=https://thenationonlineng.net/wp-content/uploads/2020/06/Japaul-Oil-Maritime-Services-Plc.jpg] Japaul Oil & Maritime Services Plc plans to raise additional equity capital of some N27 billion, change its name and business and restructure its balance sheet in a massive corporate restructuring that seeks to combine internal growth and acquisitions. In a regulatory filing at the weekend, Japaul indicated that it will be seeking shareholders’ approval to raise increase its authorised share capital from 6.0 billion ordinary shares of 50 kobo each to 60 billion ordinary shares of 50 kobo each. The company will subsequently raise up to N27 billion in new additional equity capital through rights issue, private placement and public offer among other means. ADVERTISEMENT The company will also be seeking shareholders’ approval to change its name to Japaul Gold & Ventures as well as approval to engage in mining and technology business activities through partnership and acquisitions. Shareholders are also expected to consider a resolution authorising the directors of the company to undertake share reconstruction, in a move that may significantly reduced the issued share capital of the troubled company. Japaul has struggled for many years with declining operations and worsening losses, making its external auditors to raise caveat on the going concern status of the company. Japaul  had in 2018 entered into a binding commitment with Milost Global Inc for injection of $350 million or N10.7 billion into its operations. Under the agreement, Milost Global Inc, an American private equity firm, would invest $250 million as new equity and $100 million as convertible notes. Convertible notes can also be converted to equities, subject to the terms of the issuance.