The Founder of FCMB Group Plc, Nigeria’s leading financial group has disclosed that its founder, Balogun Michael Olasubomi had purchased 5,123,275 shares of the group at the Nigerian Stock Exchange (NSE) at N2.9925 per unit. The FCMB founder paid a cumulative sum of N15.35 million for a total of 5.1 million additional stocks.
The transaction on 18th, 21st, 22nd, 23rd and 24th December 2020 cost N15,331,400.4375, according to an insider dealing disclosure at the NSE.
Transaction breakdown
- Tranche 1: 1,299,198 units – N3.0154, totaling N3,917,601.65
- Tranche 2: 524,077 units – N2.9674, totalling N1,555,146.09.
- Tranche 3: 1,100,000 units – N2.9779, totaling N3,275,690.
- Tranche 4: 200,000 units – N2.9997, totaling N599,940.
- Tranche 5: 2,000,000 units – N3.0019, totalling N6,003,800.
FCMB Group posted revenue of N48.3 billion for the third quarter of 2020 (Q3 2020), recording an impressive result across key financial metrics. It is also pertinent to note that this type of stock is casually referred to as “Founders stock” and differs from common stock in the sense that, they can only be issued at face value and it comes with a vesting schedule