UACN Launches Mandatory Takeover Of Portland Paints
UAC of Nigeria (UACN) has indicated that it will be launching a mandatory takeover of up to two million ordinary shares of 50 Kobo each in Portland Paints and Products Nigeria (PPPN) at N4.47 Kobo per share. It did this by submitting a regulatory filing during the weekend.
The mandatory takeover bid transaction has a qualification date Wednesday November 16, 2016. On this date, qualifying shareholders are the shareholders of PPPN other than UACN whose names appear in the register of members of PPPN as at the qualification date and who are eligible to receive the takeover bid document.
The present Chairman of PPPN, Mr. Larry Ettah, had said that the company had decided to raise new equity funds from existing shareholders to restructure its balance sheet and support its business expansion program.
According to him, this was necessary to move the company forward after it had embarked on internal restructuring to boost efficiency as well as a review of its route to market model in a bid to ensure that it builds a sustainable future for the business.
“We will apply the planned rights proceeds to minimize the debt exposure risks of our business as well as carry out targeted expansion in our operations. The business will focus on its growth brands as well as make the necessary investment in marketing to improve its brands’ awareness and visibility,” The Nation quotes Ettah as saying.