The Federal High Court has granted an order sanctioning the merger between Chemical and Allied Products Plc (CAP Plc) and Portland Paints and Products Nigeria Plc, effective from 1st of July, 2021.
This is according to a disclosure signed by the Managing Director of Portland Paints, Bolarin Okunowo and sent to the Nigerian Exchange Group Limited (NGX).
The merger is sequel to the approval granted at the respective court-ordered meetings of Portland Paints and CAP held on 18th of February, 2021. In light of this, the Federal High Court of Nigeria on 29th of June, 2021 granted the approval to proceed with the merger of the aforementioned firms.
Affirming this, a part of the recent notice read: “Portland Paints and Products Nigeria PLC (“Portland Paints”) hereby notifies Nigerian Exchange Limited (the “Exchange”), our shareholders and the general public that following the approval of the scheme of merger between Portland Paints and Chemical and Allied Products Plc (“CAP”) (the “Merger”) at the respective court-ordered meetings of Portland Paints and CAP held on February 18, 2021, the Federal High Court of Nigeria, on June 29, 2021, granted an order sanctioning the Merger. The Merger will become effective on Thursday, July 1, 2021 (the “Effective Date”).”
Mr Okunowo noted that subject to the approval of the Exchange, the shares of Portland Paints will be placed on full suspension a day before the effective date, that is, from the close of business on 30th of June, 2021. This is to enable the company update its register of members for the purpose of determining the shareholders eligible to receive the scheme consideration.
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