This Explanatory Statement contains all the information considered by the Shareholders of First Aluminium Nigeria Plc. (“FAN” or “the Company”), in respect of the decision to voluntarily delist First Aluminium Nigeria Plc from the Main Board of The Nigerian Stock Exchange (“NSE”), as approved at the Annual General Meeting (“AGM”) of FAN held at 12 p.m. on September 25, 2018 at Protea Hotel, 41/42 Isaac John Street, Ikeja GRA, Lagos.
First Aluminium Nigeria Plc (“FAN”), is one of the first Nigerian listed companies. FAN
commenced operation with the production of Aluminium sheets. The company has since
introduced Aluminium roofing in Nigeria as well as marketing Aluminium products needed in the
engineering industries as well as for packaging.
In 1991, FAN took its present name, First Aluminium Nigeria Plc and was listed in the daily official
list of the Nigerian Stock Exchange in 1992.
ALUCON Holdings S.A. holds roughly 75.48% of the current shareholding with minority
shareholders holding about 24.52%.
Over the last 7 years, there has been little or no trading activity on the shares held by the minority
shareholders. The share price was stuck at 50 kobo for about six years between June 2011 and
June 2017, and thereafter experienced further diminution, both in share price and trading
volumes. Over the last twelve (18) months daily average volume ranged between 2,815 to roughly
2,918 units during the period of July 2017 to December 2018.
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