Royal Exchange Plc, a leading player in life assurance, health insurance, and credit financing, recently concluded its rights issue with a subscription rate of 75.83%, indicating a shortfall in investor uptake.

The rights issue aimed at raising capital through the issuance of additional ordinary shares saw only a portion of the offered shares subscribed by existing shareholders.

According to the weekly report of the Nigerian Exchange Limited, an additional 3,121,328,866 ordinary shares of 50 kobo each were listed on the market, resulting from the completion of Royal Exchange’s rights issue.

This falls short of the total intended issuance of 4,116,296,059 ordinary shares at a price of N0.50 per share.

Despite the lower-than-expected subscription rate, Royal Exchange remains optimistic about its future prospects.

The company’s unaudited 2023 report revealed significant growth in earned income, soaring by 253% to N882.32 million compared to the previous year.

This boost in earnings was attributed to increases in net interest income and profits from investments in associates, totaling N591.55 million.

Also, Royal Exchange reported a profit of N46.09 million for the year 2023, a stark turnaround from the loss of N150.47 million recorded in 2022.

The company’s restructuring efforts, with a focus on asset management, have contributed to its improved financial performance.

Despite the shortfall in its rights issue, Royal Exchange Plc remains committed to its growth trajectory, leveraging its strengthened financial position to capitalize on emerging opportunities in the insurance and financial services sectors.

Fast Credit Limited’s Chief Executive Officer, Emeka Iloelunachi, proudly announced the successful redemption of the Series 2 Commercial Paper Issuance in a statement released on Monday.

This achievement marks another significant milestone for the financial institution, reinforcing its reputation for fiscal resilience and adherence to sound financial practices.

The Series 2 Commercial Paper, a pivotal element in Fast Credit’s diversified financing strategy, was efficiently redeemed, underlining the company’s meticulous financial planning and disciplined execution.

The payout, executed seamlessly on November 30, reflects the company’s dedication to transparency and accountability.

Fast Credit has consistently demonstrated its commitment to meeting financial obligations punctually, fostering trust and confidence among investors and stakeholders alike.

Investors who participated in the Series 2 Commercial Paper Issuance on June 5, 2023, received their payout, further solidifying Fast Credit’s position as a reliable investment choice.

The timely redemption underscores the company’s ability to navigate the complexities of the financial landscape and strategically manage its debt instruments.

Emeka Iloelunachi expressed his enthusiasm, stating, “We are thrilled to announce the successful payout of our Series 2 Commercial Paper Issuance. This achievement reflects not only the strength of our business but also the dedication of our team and the trust our investors place in us. We remain committed to maintaining the highest standards of financial integrity and transparency.”

The redemption of the Series 2 Commercial Paper adds to the positive narrative surrounding Fast Credit’s financial performance, enhancing its reputation within the financial markets.

This triumph resonates not only within the company but also across the broader community of investors, analysts, and stakeholders closely monitoring Fast Credit’s financial trajectory.

Fast Credit’s ability to deliver on its financial commitments reinforces its position as a leading financial institution and sets a benchmark for excellence in the industry.

As the company continues its trajectory of success, investor confidence remains buoyant, signaling a positive outlook for Fast Credit in the competitive financial landscape.