Honeywell Flour Mills Plc (NGX: HONEYWELL) has provided additional information for the Mandatory Takeover Offer (MTO) by Flour Mills of Nigeria Plc (NGX: FLOURMILL) to it’s Shareholders.
In a corporate release to the Nigerian Exchange Limited on Thursday, HONEYWELL stated that the MTO is priced at N4.20 (Four Naira, Twenty Kobo) per share, being the price the price at which Block Trade was executed.
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In July, Flour Mills of Nigeria Plc announced that it has obtained the approval of the Securities & Exchange Commission to launch a Mandatory Takeover Bid (MTO) to Shareholders of Honeywell Flour Mills Plc.
The corporate action released by both FLOURMILL and HONYFLOUR stated that the MTO will be made to shareholders of Honeywell by Ecowise Horizon Investment Limited and Greywise Investment Solution Limited.
Ecowise and Greywise is to make an offer to Honeywell Shareholders, on behalf of Flourmills for 79,301,976 Ordinary Shares of 50 kbo each in the Company – representing 1% of the total shareholding of Honeywell Flour Mills Plc.
Ecowise and Greywise hold an aggregate of 6,086,381,574 Ordinary Shares, 76.75% of Honeywell Flour Mills Plc’s shareholding in Honeywell.
In April 2022, Flourmills completed the acquisition of Honeywell when a negotiated deal was done between Chapel Hill Denham Securities Ltd as buyer with Cardinalstone securities, Rencap Securities (Nig.) Ltd (RSNL), Regency Asset Management and FBNQuest Securities as the Sellers to exchange a total of 6,086,381,574 units of HONYFLOUR were exchanged in an off market trade at N4.20 on Friday, 29th April 2022.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
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