Armed with a 51% stake in its kitty already, the board of Custodian Investment Plc says it has made a mandatory take-over offer to acquire up to 34,415,332 ordinary shares or 3.02% of UACN Property Development Company Plc (UPDC), at 90 kobo each from all of the minority shareholders
According to a filing with the Nigerian Exchange Limited, Custodian Investment by Odunayo Ojo and Folakemi Fadahunsi, for and behalf of the directors of UPDC, said the offer, which is in line with the 2013 rules and regulations of the Securities & Exchange Commission (SEC), “on a voluntary basis,” assuring that the terms of the offer is fair and reasonable.
This, it added, is provided that it “shall not be required to acquire any shares in excess of such number of shares as would take Custodian’s aggregate interest in UPDC up to a maximum of 51 .1% of the issued and paid-up share capital of UPDC.”
While recommending the offer, the directors stressed that it “presents a great opportunity for shareholders to realize liquidity at an attractive valuation.”
The board also confirmed “that the Offer is not expected to result in any changes to the operations of UPDC or to the terms and conditions of employment of current employees of UPDC.”
