UACN Core Investor Blakeney Sells 110.89m, As Director Buys 0.5m Units

Blakeney LLP, a core investor, continued its gradual and sure exit from UAC of Nigeria Plc, the nation’s oldest conglomerate with the sale of 110,891,304 units, at N5.75 per share.

The shares, according to a notice pasted on the Nigerian Stock Exchange (NSE) Saturday morning by Godwin Samuel, its company secretary/legal adviser, were sold by the insider/substantial shareholder on August 27, 2020.

In another notification by the company secretary also on Saturday, Okechukwu John Mbonu, a non-executive director and Partner, Execution Edge Limited, purchased 500,000 units of the company at N6.35 on September 24, 2020.

Recall that the company, on September 7, announced the purchase of 55.1m shares by AM&P Advisory Services, a company with an indirect relationship with the Group Managing Director, Folasope Aiyesimoju, at an average price of N5.68 per unit on August 31, 2020. Aiyesimoju is the founder of Themis Capital Management.

The latest transaction by Blakeney came weeks after UACN announced its plan to sell UACN Property Development Company (UPDC) to Custodian Investments Plc at an undisclosed price, subject to regulatory approvals.

Blakeney had between April 28, 2020 (its earliest record available on the Nigerian Stock Exchange’s portal) and the first weekend in August, sold a total of 155m units of its total shareholding.

Between April 24 and 28, this year, according to records available on nse.com.ng, Blakeney LLP sold 10m units of UACN at an average price of N6.20, totaling N62m; followed by another 10m units at N6.80 or N68m on May 11; and 15m shares on May 12, at N6.90, valued at N69m. On June 17, the shareholder again transferred 40m units of the conglomerate at N7 each, representing N70m

Other significant shareholders at the end of the rights issue were Stanbic IBTC Nominees, 225.23m units, or 8% equity stake; and Themis Capital Management, 232.35m units, or 8% equity.

Recall that in November 2017, UAC Nigeria sought to raise N15.36bn by offering 960.43m ordinary shares of 50 kobo each at N16 per share to pre-qualified shareholders by way of rights.