Premier Paints Plc NGX has announced a delay in the commencement of the Mandatory Tender Offer (MTO) by Xenergi Plc, citing the need to complete regulatory registration of bid documents with the Securities and Exchange Commission (SEC).
In a notification posted on NGX, the company informed shareholders, stakeholders and the Public that the MTO originally scheduled to begin on Monday, June 22, 2026 has been postponed.
The delay is due to the need to register the Bid Documents with the Securities and Exchange Commission (SEC).
“Upon our obtaining the required no-objection from the SEC, we will announce the new date for the commencement of the MTO,” the notice read.
Background on the Transaction
Xenergi Plc recently acquired a significant stake in Premier Paints, purchasing 61,003,350 ordinary shares representing approximately 49.60% equity.
In line with Section 142(4) of the Investments and Securities Act (ISA) 2025, Xenergi is required to extend a Mandatory Tender Offer to minority shareholders for the remaining shares not held by it.
The offer targets up to 2 million ordinary shares (about 1.63% of Premier Paints’ equity) at N38 per share, totaling N76 million. The acceptance period was initially set from June 22 to July 17.
This development follows Xenergi’s earlier acquisition moves in late 2025, which positioned it as the new core investor in the paint manufacturing company.
The transaction has been subject to regulatory approvals from bodies including the Federal Competition and Consumer Protection Commission (FCCPC), SEC, and NGX.
No specific new timeline was provided in the latest notice. Investors and stakeholders are advised to monitor official announcements from Premier Paints Plc and the NGX for updates on the revised MTO schedule..
Administrator and Writer
