The shareholders of UACN Property Development Company Plc (UPDC, NSE – UAC-PROP) is to hold a court-ordered meeting over the Proposed unbundling of the company’s 1,515,501,818 units in UPDC Real Estate Investment Trust. The meeting is scheduled to hold on Monday, 26 October 2020.
This is according to the corporate action release from the UPDC. According to the publication, signed by the company secretary, shareholders would attend the meeting through their appointed proxies from the list of proxies designated by the Board of Directors.
The company stated that “In the event that civil unrest or restrictions on physical movement put in place by the Lagos State Government continue to persist till Monday, 26th of October 2020, the Board and your appointed proxies will attend the meeting virtually.”
The meeting will be streamed live on YouTube and shareholders will have the opportunity to vote at the meeting using the USSD code.
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Shareholders who have already sent in proxies are not required to vote again during the meeting and are welcome to follow the proceedings online. Please note that shareholders can only utilize one voting option out of the various voting options available.
Where a shareholder, who has appointed a proxy, attends the meeting remotely and he/she elects to vote through any of the channels provided by the Company and not through the appointed proxy, such shareholder must communicate in writing to the Registrar prior to the commencement of the meeting and in any event not later than 9 am on the date of the meeting. On the day of the meeting,
shareholders whose appointed proxies vote on their behalf will not be able to vote via the online voting platform or through the USSD code and shareholders who vote via the online voting platform will be unable to vote using the USSD code.
About UAC Property Development Company Plc
UAC Property Development Company Plc and its subsidiaries (together ‘the Group’) is a company incorporated in Nigeria. The Group has business with activities in the following principal sectors: real estate and hotel management. The address of the registered office is 1-5 Odunlami Street, Lagos. The company is a public limited company and is listed on the Nigerian Stock Exchange.
UPDC’s current portfolio includes residential and commercial properties in Lagos (Cameron Green, Ikoyi; Metro Gardens, Lekki; Grandville, GRA – Ikeja; KPMG Towers, VI etc.), Abuja (Salatu Royal Estate, Wuse II; Emerald Court, Apo; Metro City, Apo; SEC Office, CBD etc.) and Port Harcourt (Vintage Gardens, NAFF Estate).
The group reported a steep decline in revenue to N346.544 million in the first of the year from N1.492 billion in the same period in 2019. The company’s loss increased to N2.902 billion in H1 202o from N1.289 billion in H1 2019.
The equity price stood at N0.79 at the close of trading on Friday. YTD the share price is down by 21.00% while in 2 years and five years it has lost 55.37% and 95.47% of its value respectively.
By; Ifunanya Ikueze
