The Board of Directors of Transcorp Hotels Plc wishes to notify all its esteemed shareholders that the National Council of The Nigerian Stock Exchange approved the Company’s free float compliance extension request of three (3) years (ending October 3, 2023).
This is to enable the Transcorp Hotels to comply with The Exchange’s free float requirements of 20% issued and fully paid share capital or Twenty Billion Naira free-float market capitalization for companies listed on its Main Board.
In line with Rule 3.1.4 of The Exchange’s Rules Governing Free Float Requirements, The Exchange may suspend trading rights in the Company’s securities if the Company does not achieve the required free float within the stipulated timeframe.
The Board and Management of Transcorp Hotels Plc remains strong and is committed to good corporate governance and to delivering value to all its stakeholders.
The Company is positioned to achieve and meet the free float requirements of The Nigerian Stock Exchange within the three (3) years’ timeframe, ending 3 October 2023.