Modupe Gbadeyanka
By Modupe Gbadeyanka
The Nigerian Stock Exchange (NSE) and the Securities and Exchange Commission (SEC) have both been notified of the intention of the core investors of AG Leventis Nigeria Plc to acquire the company and have it delisted on the nation’s stock exchange.
A notice issued by the firm stated that the core shareholders, Boval S.A, acting as itself, Leventis Holding S.A., and Leventis Overseas Limited approached the board for its proposed acquisition.
The core shareholders want to buy the shares held by minority investors at the price of 53 kobo each, representing a premium of 85 percent to the 60-day volume weighted average share value and 104 percent to the company’s closing share price on September 23, 2019.
The disclosure said, “The proposed transaction will be implemented under a scheme of arrangement in line with section 539 of the Companies and Allied Matters Act, Cap C.20 Laws of the Federation of Nigeria, 2004.
“The proposed transaction is still subject to the review and clearance of the Nigerian Stock Exchange and the Securities and Exchange Commission as well as the approval of the shareholders of the company.
“The terms and conditions of the proposed transaction will be provided in the scheme document which will be dispatched to all shareholders following the receipt of the ‘no-objection’ of the regulators and an order from the Federal High Court to convene a Court-Ordered Meeting.
“Further developments will be communicated to shareholders in due course.
“AGL shareholders are advised to exercise caution in dealing in AGL’s shares until further information is provided.”
