One of the 3 major shareholders of UAC Nigeria Plc (UACN), Blakeney LLP, has substantially reduced its stakes in the conglomerate with the sale of 80 million additional shares.
This was disclosed in a notification that was sent to the Nigerian Stock Exchange (NSE) by UAC Nigeria Plc. The notification was signed by the Company Secretary/Legal Adviser, Godwin Samuel.
Note that this is coming a few days after UAC Nigeria Plc announced a deal to divest 51% of its shares in UACN Petroleum Development Company (UPDC) to Custodian Investment Plc.
An analysis of this current sales and reduction of its stake shows that Blakeney LLP reduced its shareholding in the conglomerate through a deal on August 5, at a price of N5.75 per share. A further breakdown of the transactions shows that the 80,000,000 units were sold at N5.75 amounting to N460 million in purchase consideration.
Back Story: It can be recalled that UACN had earlier sent notifications to the NSE announcing sales of 75 million shares by Blakeney between the months of April and June
- In an earlier notification sent to the Nigerian Stock Exchange and other stakeholders in February 2019, UAC of Nigeria Plc announced the emergence of three major shareholders with more than 5% stake in the company. The three major shareholders include Themis Capital Management (8.08%), Stanbic IBTC Nominees Limited (7.27%), Blakeney GP 111 Ltd (7.55%).
- Nigeria’s oldest conglomerate has gone through some major restructuring in recent times following investments by these core investors and other major shareholders. In September 2019, UACN announced the outright dissolution of its interest and restructuring of UAC Property Development Company (UPDC) with the transfer of its interest directly to the shareholders.
- Over the years, UACN has transformed from a very large conglomerate with footprints in different sectors of the economy to a leaner organization with interest in Manufacturing, Food & Beverage, Logistics, Agro-allied Industry, Paints and Chemicals.
- Blakeney Management is one of the oldest and largest institutional investors in Africa and the Middle East. They are based in London and have been managing funds since 1995 for some of the largest institutions in the world.