Economy
By Anthony Isibor.
PRELINE Limited has proposed a mandatory takeover of 1,300,000 ordinary shares, equivalent to 0.10 percent equity stake in Eterna Plc.
This will bring its stake in the company to 61.08 per cent, making it the largest and majority shareholder in the company, thus triggering the mandatory tender offer, MTO, provisions of the Investment and Securities Act and Securities and Exchange Commission, SEC, Regulations.
This is according to a letter signed by Mandella Golkus, the company’s secretary, who announced to the Nigerian Exchange Limited and the general public that following the granting of the ‘‘Authority to proceed’’ by SEC, Preline Limited has notified the company of its intention to proceed with the takeover bid to acquire 1,300,000 ordinary shares equivalent to 0.10 percent equity stake in Eterna Plc from other shareholders at a price of N13.50 per share.
According to him, the notification is in fulfillment of the company’s disclosure obligations in line with regulatory guidelines and their corporate responsibility to the stakeholders.
“In compliance with the Listing Rules of Nigerian Exchange Limited, NGX, the Company hereby announces to the Public that a Closed Period which has commenced since 1 April, 2022 by operation of the Rules of the NGX still subsists.
“Consequently, no director, employee, person discharging managerial responsibility, advisers and consultants of the Company and their connected persons may directly or indirectly deal in the shares of the Company until 24 hours after the Unaudited Financial Statements for Q1, 2022 is released to the public.
Similarly, the company announced that Nnamdi Obiagwu, its MD/CEO has resigned and Benjamin Nwaezeigwe has been appointed as an acting MD/CEO.
Nwaezeigwe’s appointment as the Acting Managing Director/Chief Executive Officer takes effect from Sunday 17th April 2022.
It also announced the appointment of Mandella Golkus, who takes over from Bunmi Agagu as the new Company Secretary effective 1st April 2022.
According to reports, the company in a public statement dated November 1, 2021 had notified the general public that Preline Limited has completed the acquisition of 794,969,774 (Seven Hundred and Ninety-Four Million, Nine Hundred and Sixty-Nine Thousand Seven Hundred and Seventy-Four) ordinary shares of the company representing 60.98 percent in the company.
AI.
Apr. 22, 2022 @ 19:26 GMT
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