Adex Company Limited issued ordinary shares N1 each to the public at N1.20. The statement were issued at

Adex Company Limited issued ordinary shares with a face value (or par value) of N1 each to the public at a price of N1.20 per share. This means that the company received an extra N0.20 per share sold, which is called the "premium". Therefore, the statement is issued at a "premium". The premium represents the difference between the issue price and the face value of the shares, and it is a way for the company to raise additional funds from the sale of shares. It is important to note that this premium does not represent a profit or a loss for the company since the shares were issued above their face value. However, it could be seen as a discount for the investors since they paid less than what the shares might have been worth in the market.