Igbinigesu, a Non-Executive Director, Purchases 188,700 Shares in Vitafoam

Vitafoam Nigeria Plc on Thursday disclosed that another non-executive director, Mr. Alegbesogie Joseph Igbinigesu, purchased ordinary shares of 188,700 in Vitafoam Nigeria Plc.

According to a statement signed by Olalekan Sanni, Company Secretary/Legal Adviser, Vitafoam, Mr. Igbinigesu purchased the shares in eight different transactions on August 18, 2020.

A break down of the transactions showed that earlier in the day 1,700 shares were purchased at N5.20k each.

Other shares of 47,300, 46,700, 3,300, 50,000, and 29,000 were subsequently purchased at N5.20k each on the same day.

This was followed by 3,865 and 5,835 shares purchased at N5.25k each from the Nigerian Stock Exchange in Lagos.

This brings the total purchases by Mr. Igbinigesu on August 18, 2020 to 188,700 shares at an average price of N5.21k.

Non-executive directors of Vitafoam Nigeria have been acquiring a reasonable amount of shares in the company in recent months. This might be a clue of improved confidence in the company going forward.

A few days ago, Dr. B.O. Makanjuola, a non-executive director of the company, bought 47,493 shares in the company in five different transactions just like Mr. Igbinigesu.

See the details below.