In a disclosure sent to the Nigerian Stock Exchange (NSE), Deep Capital Management and Trust Plc (DEAPCAP) debunk the rumour about that AMCON had taken its operations. DEAPCAP clarified that while AMCON holds a significant stake in the company amounting to about 20% equity stake, the company is still under the independent management of DEAPCAP.
Quick facts: Deap Capital Management & Trust Plc is a financial services institution in Nigeria operating in the capital market, mortgage banking and oil and gas sectors. The company provides services for fund management, portfolio management, capital market/financial advisory and issuing house services. Its branded financial services products include DEAP Standard, DEAP Gold, DEAP Platinum and DEAP Classic. Deep Capital Management & Trust Plc’s major subsidiaries include Resort Securities & Trust Limited, Resort Savings & Loans Limited and DVCF Oil & Gas PLC. The company’s head office is in Lagos, Nigeria.
The Company clarified that it is indebted to AMCON to a tune of N1.6 billion and the indebtedness originates from AMCON’s purchase of some Banks in the country and that on January 28, 2015 it received a judgement in its favour from the Federal High Court, Lagos where AMCON had earlier filled an action against it.
DEAPCAP also added that the rumoured assets which the AMCON has seized is one belonging to one of its former directors following a court order that AMCON is to take over assets of the company’s former directors.
Finally, DEAPCAP assured that the company with working to resolving all its issues including its indebtedness to AMCON, recovery of its operational licenses and profitability issues.
The company’s earnings report for its Q1 period ended December 31st, 2019 indicated a total income of N1 billion and a loss of N6.3 million. DEAPCAP’s stock closed today’s trading session on the Nigerian Stock Exchange with a share price of N0.30 and year to date, the stock has declined by some -18%.
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