The shareholders of GlaxoSmithKline Consumer Nigeria Plc (NGX: GLAXO) are set to receive a total cash distribution of N17.42 per share for every share held in the company.
Also read; Naira appreciates as CBN clears forex backlog
Investogist in August, reported that GLAXO would be ceasing operations in Nigeria.
In a corporate announcement on Friday, the company notified the Nigerian Exchange Limited, its shareholders and other stakeholders that it has received Securities & Exchange Commission’s (“SEC’s”) ‘’No Objection’’ to propose a Scheme of Arrangement to shareholders for the dissolution of GSK’s business.
The transaction to dissolve the company’s business will be implemented by way of a Scheme of Arrangement between the Company and the Company’s shareholders, in accordance with the provisions of Section 715 of the Companies and Allied Matters Act 2020 (as amended).
Under the terms of the Scheme, the Scheme shares – being all of GSK’s outstanding shares – will subsequently be cancelled.
All the Company’s shareholders – except GSK UK (whose shares are held through its wholly owned subsidiaries, Setfirst Limited and SmithKline Beecham Limited) – will receive a total cash distribution of N17.42 per share for every share held in the Company.
GSK UK owns 555,081,925 Ordinary Shares of GSK, which are held by Setfirst Limited and SmithKline Beecham
Limited but has opted to relinquish their portion of the cash distribution, amongst other support that is being
provided.
The terms and conditions of the Scheme are stated in the Scheme Document which will be despatched to all shareholders, following receipt of an order from the Federal High Court to convene a Court-Ordered Meeting of
the Company’s shareholders.
About the company
GlaxoSmithKline Consumer Nigeria Plc is a public limited liability company incorporated in 1971 and domiciled in Nigeria where its shares are publicly traded.
46.4% of the shares of the Company are held by Setfirst Limited and Smithkline Beecham Limited (both incorporated in the United Kingdom); and 53.6% by Nigerian shareholders.
The ultimate parent and ultimate controlling party is GlaxoSmithKline Plc, United Kingdom (GSK Plc UK). GSK Plc UK controls the Company through Setfirst Limited and Smithkline Beecham Limited.
The principal activities of the Company and its subsidiary are marketing and distribution of consumer healthcare and pharmaceutical products.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
