Acorn Petroleum to Raise Share Capital by 200%

Acorn Petroleum Plc has unveiled plans to raise its share capital by over 200 per cent from N1.5 billion to N4.5 billion as part of the efforts by the shareholders to reposition the company to operate more efficiently in the increasingly competitive downstream sector.

Rising from its Extra-Ordinary General Meeting (EGM) that took place in Lagos recently, the shareholders of the company approved the increase in the company’s share capital by 200 per cent. The move, which will be actualised by creation of addition of 6,000,000,000 (six billion) ordinary shares of 50 kobo each to the company’s existing share capital, will help to reposition the company for strong competition in the downstream sector of the oil and gas industry. Commenting on the development, the acting Company Secretary of Acorn Plc, Mr. Deoye Ajidahun said the new shares would rank parri passu with the company’s existing ordinary shares.

The shareholders also granted the board of director’s approval to raise additional equity capital of N4 billion to new investors upon such terms and conditions to be determined by the Directors and in compliance with all applicable laws and regulations.

Acorn Petroleum Plc is a Nigerian registered oil and gas company. Established in 1981, the business of the company today includes trading in refined petroleum products in and out of Nigeria, distribution of refined products through its chain of Acorn branded retail outlets, aviation fueling business and storage and terminal operations.