Custodian Investment Plc (NGX – CUSTODIAN) has announced the mandatory takeover offer to the minority shareholders of UACN Property Development Company Plc (UPDC).
The Securities and Exchange Commission (SEC) in a letter dated 18th May 2021, gave CUSTODIAN the approval to make the offer.
Custodian Investment Plc is set to purchase up to 34,415,332 (Thirty-four million, four hundred and fifteen thousand, three hundred and thirty-two) ordinary shares of 50kobo each at a price of 90 kobo per share.
The qualification date for the offer was 14 May 2021, according to Custodian and the offer is expected to open on May 31, 2021 and close on July 2, 2021.
UPDC (NGX – UAC-PROP) is currently up 1.20% at 84 kobo per share on the floor of the exchange at the time of penning this report.
Thus the offer price from CUSTODIAN will be at 7.14% mark up to the current price.
The 52-week high and low price of UAC-PROP is N1.04 and 72 kobo respectively.
In 2020, UAC of Nigeria Plc entered into a binding agreement to sell 51% of its shareholding in UACN Property Development Company Plc to Custodian Investment Plc.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.