Deap Capital Shareholders Approve Conversion of Debts to Equity

Kayode Tokede  

The shareholders of Deap Capital Management & Trust Plc have approved the conversion of N2.03 billion  debts into an equity worth N2.02 billion at the company’s 12th Annual General Meeting (AGM) that took place in Lagos. Amid shareholders approval, the conversion of debt to equity of N2.03 billion to 1,499,340,000 has reached an advanced stage and awaits final approval of the Securities and Exchange Commission (SEC). The conversion was done at a price of N1.35 per share.  

The allotment process is ongoing and before the end of first quarter of 2026,  all the creditors who converted the debts owned by the company would have received their shares through the Central Securities Clearing System (CSCS) accounts.

The shareholders at the AGM also approved a proposal to change the company’s name from Deap Capital & Trust Plc to Critical Minerals Financing Corporation Plc (CMFC), or any other name that may be approved by the Corporate Affairs Commission.‎

The Chairman, ‎Deap Capital Management & Trust, Kenneth Olise, who was represented at the meeting by Edmond Ani, non-executive director said the firm had experienced significant challenges over the past decade but had embarked on a restructuring process aimed at stabilising its operations and restoring shareholder value.

‎According to him, a key aspect of the turnaround strategy involved negotiations with the over outstanding debts owed by the company.

‎He explained that the liability had risen from about N685 million to over N1.8 billion due to court proceedings before both parties eventually agreed on a full and final settlement of N400 million.

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