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    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

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PZ Cussons UK to buyout minority shareholders of PZ Cussons Nigeria plc

Monday, 4 September 2023, 8:12 pm
in Business, Companies
0
PZ Cussons UK to buyout minority shareholders of PZ Cussons Nigeria plc
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PZ Cussons Nigeria Plc (NGX: PZ) has notified the Nigerian Exchange Limited and the investing public that PZ Cussons (Holdings) Limited has informed the Board of Directors of the Company of its intention to acquire the shares held by all the other shareholders of PZCN, subject to prevailing market conditions, at an offer price of ₦21 per share.

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The proposed transaction which is likely to lead to an eventual delisting of PZ from the Nigerian Exchange Limited is subject to the consideration and approval of the Board of PZ, the Company’s shareholders and requisite regulatory authorities.

PZ’s share price closed at N19.10 at the end of trading on the floor of the Nigerian Exchange on Monday, having gained a maximum 9.14%. It’s 52 week high share price is N24.00, while the 52 week low share price is N8.40.

PZ Cussons (Holdings) Limited holds 2.82 billion shares of PZ Cussons Nigeria Plc, representing 71.20% of the company’s 3.97 billion outstanding shares. Apart from PZ Cussons (Holdings) Limited UK, no other shareholder held more than 5% of the paid up capital of the PZ as at 31 May, 2022.

A regulatory filling by company on Monday, PZ Cussons Group explained that they believe the transaction is necessary in order to enable them to significantly simplify and strengthen operations
in Nigeria creating the foundations for the Nigerian business to deliver against its strategy, building a more agile and innovative business, and noted that PZ Cussons has been present in Nigeria since 1899 and expects Nigeria to remain an important market for the Group for many years to come.

The proposed transaction is intended to be implemented under a Scheme of Arrangement in line with section 715 of the Companies and Allied Matters Act, No.3 of 2020 (as amended) and other applicable rules and regulations. This will require the Company to convene a general meeting of its shareholders by an order by the Federal High Court.

The company stated that details of the Court Ordered Meeting (which includes the date, time, venue and agenda for the meeting) will be communicated to shareholders upon receipt of the requisite approvals from the Board, the Securities and Exchange Commission and the Federal High Court. The terms and conditions of the Proposed Transaction will be provided in the Scheme Document which will be dispatched to all shareholders prior to the Court Ordered Meeting.

Shareholders and the members of the public are advised to exercise caution in dealing in PZ’s shares until further information is provided.

Further developments will be communicated to shareholders in due course.

About the company

PZ Cussons Nigeria Plc is a Company incorporated in Nigeria on 4 December 1948 under the name of P.B. Nicholas and Company Limited. The name was changed to Alagbon Industries Limited in 1953 and to Associated Industries Limited in 1960.

The Company became a public Company in 1972 and was granted a listing on the Nigerian Stock Exchange. The name was changed to Paterson Zochonis Industries Limited on 24 November 1976 and in compliance with the Companies and Allied Matters Act 2020 as amended, it changed its name to Paterson Zochonis Industries Plc on 22 November 1990.

On 21 September, 2006, the Company adopted its present name of PZ Cussons Nigeria Plc.

The principal activities of the group are the manufacture, distribution and sale of a wide range of consumer products and home appliances through owned depots. These products are leading brand names throughout the
country in detergent, soap, cosmetics, refrigerators, freezers and air-conditioners.  The group also distributes products of Nutricima Limited, Harefield Industrial Nigeria Limited and PZ Wilmar Food Limited.

The address of the registered office is 45/47 Town Planning Way, Ilupeju, Lagos.

In its Q4 unaudited interim financial statements for the period ended 31 May, 2023, PZ reported a profit after tax of N15.35bn, a 140% growth from the N6.39bn it reported in the preceding year.

Nnamdi Maduakor
Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur

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