Acorn Petroleum Plans to Lift Share Capital by 200%

Shareholders of Acorn Petroleum Plc have approved the increase in share capital of the company by 200 per cent at an Extra-Ordinary General Meeting (EGM) from N1,500,000,000 (One billion, five hundred Million Naira) to N4,500,000,000 .

The approval by the shareholders for a raise in share capital of Acorn Plc by 200 per cent by the creation and addition thereto of 6,000,000,000 (six billion) ordinary shares of 50kobo 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.

Acting Company Secretary of Acorn Plc, Deoye Ajidahun, who spoke at the meeting said “The new shares is to rank parri passu with the company’s existing ordinary shares.