Resort Savings & Loans Explains Delay in Capitalisation

The board and management of Resort Savings & Loans Plc has explained delay in the capitalisation of the company, assuring its stakeholders of a strong comeback.

The board in a statement said the bank had executed binding agreement and first drawdown agreement of $10 million with a provision for immediate release of $1 million.

According to the statement, the release of the fund was being delayed by the valuation of the bank’s shares through market forces.

“The shares are presently on technical suspension and we believe that this will be lifted on provision of constant and required information to the market,” the statement added.

The company, through its Chairman, Senator Sunday O. Fajinmi, who said he was not leaving any stone unturned to restore the glory of the company, added that the bank has a major investor in Messers Milost Global Incorporation, expressing optimistic that the technical suspension would be lifted very soon.

He added that the management had equally engaged various regulators towards capital injection.

According to him, the “audit of the bank’s financial statements for the year 2015, 2016 and 2017 by Messers BBC Professionals; appointments of parties to the planned issue, amongst others, had been sorted out.