- Avon Crowncaps and Containers (Nigeria) Plc (‘Avon Crowncaps’ or ‘the Company’) has notified The Nigerian Stock Exchange, through its Stockbrokers CSL Stockbrokers Limited, that its Board has received a restructuring proposal (“Proposal”) from the majority shareholder, Wilko Corporation (“Wilko”), a private company incorporated in the Bahamas.
Wilko proposes to acquire the entire minority shareholding of Avon Crowncaps, amounting to 141,158,205 ordinary shares of 50 kobo each representing 20.64% of the Company’s issued share capital.
- The proposed acquisition of the company’s minority shareholding by Wilko is to be effected by way of a Scheme of Arrangement (“Scheme”) under Section 539 of the Companies & Allied Matters Act, Cap C20, Laws of the Federation of Nigeria, 2004 (“CAMA”).
- The proposed Scheme shall be subject to the approval of the shareholders at an Extraordinary General Meeting to be convened by an order of the Federal High Court (“Court”) and the subsequent sanction of the court.
- The cancellation of the Scheme shares and issue of new Avon Crowncaps shares to Wilko will result in the delisting of Avon Crowncaps shares from the Daily Official List of The Exchange.
- In consideration of the cancellation, Holders of the Scheme Shares shall receive N1.90 for each Share given up. The Company will thus become a wholly owned subsidiary of Wilko
- Press release