Dvcf Oil & Gas Plc, a substantial shareholder in The Initiates Plc (TIP), has reduced its stake further in the company with the sale of 3,000,120 shares between August 28 and September 2, 2020.
This disclosure was made in a note (The Initiates Plc – Notification of Insider Dealings) that was sent to the Nigerian Stock Exchange (NSE). The corporate disclosure was signed by the Company Secretary, Olaide Odejobi.
DVCF Oil & Gas sold these shares two different transactions.
Breakdown of the share dealing by the insider showed that:
- 3,000,000 shares at N0.63
- 120 shares at N0.70
More details about the transaction
DVCF Oil & Gas Plc had earlier reduced its stake in the company with the sale of 547,012 shares at ₦0.70 per share between August 10 and 11, 2020.
A few days ago, Nigeria’s only publicly listed waste management company, The Initiates Plc. (TIP), confirmed that Dvcf Oil & Gas Plc sold 649 units of its Holdings in the company at N0.70 per share.
On July 27, 2020, DVCF Oil & Gas Plc had earlier sold its 649 units of its Holdings in the company at N0.70 per share. The total amount sold so far sums up to ₦383,362.70.
How’s Q2 2020 Profit and Revenue?
The company declared N14.10m Loss in its Q2 2020 Unaudited results for the period ended June 30th, 2020.
In terms of profit, the company’s profit before tax declined by -119.9% to N10.73m while Profit after tax also fell by -231.8% to N14.10m. Its net assets declined by -2.8% from N882m to N857.39m.
Also, revenue declined by -7.7% to N246.35m from N266.99m in the previous quarter.