Custodian Investment Plc has obtained a regulatory approval to proceed with a Mandatory Takeover (MTO) offer of UACN Property Development Company (UPDC).
According to a notice signed by the secretary of Custodian Investment Plc, Adeyinka Jafojo, the MTO offer to minority shareholders of UPDC will involve the purchase of up to 34,415,332 Ordinary shares of 50 kobo each, at a price of 90 kobo per share.
In addition, the offer is expected to be open by 31st of May, 2021 and close by 2nd of July, 2021. The qualification date was 14th of May, 2021, implying that shareholders whose names appear on the Register of Members as at the aforementioned qualification date are eligible to participate.
What you should know:
Nairametrics had earlier reported that the duo (Custodian and UPDC) had agreed to a sale of 51% of UPDC in a transaction that will occur in two phases.
Sequel to the completion of the deal, UAC will still retain part ownership of the company but will cease to have it as a subsidiary of UAC.