Leventis Nigeria Plc has notified dealing members of the Nigerian Stock Exchange (NSE) that Boval S.A, acting on behalf of itself, Leventis Holding S.A., and Leventis Overseas Limited, has approached the board of directors of the company with the intention to acquire shares held by other shareholders of the company.
In a statement signed by the Company Secretary and Legal Adviser, Bola Adebisi, AG Leventis made known that the shares would be purchased at an offer price of 53 kobo per share, saying this was a move that would subsequently lead to the delisting of the company from the NSE.
What you should know: The offer price of 53 kobo represents a premium of 85% to the 60-day volume-weighted average share price and 104% to the company’s closing share price on 23 September 2019.
The proposed transaction, according to the company, would be implemented under a Scheme of Arrangement in line with section 539 of the Companies and Allied Matters Act, Cap C.20 Laws of the Federation of Nigeria, 2004.
Note that the proposed transaction is still subject to the review and clearance of NSE and the Securities and Exchange Commission (SEC), as well as the approval of the shareholders of the Company.
AG Leventis has, however, announced that the terms and conditions of the proposed transaction would be provided in the Scheme Document which would be dispatched to all shareholders following the receipt of the “no-objection” of the regulators and an order from the Federal High Court to convene a Court-Ordered Meeting.
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About the company: A.G Leventis was incorporated in Nigeria as a private limited liability company in 1952 and was converted to a public limited liability company in 1978. It was listed on the Nigerian Stock Exchange on the 29th of November 1978.
The group’s primary activities are the sales and service of commercial vehicles, agricultural, mining and construction equipment. They also include property development and management.