Union Diagnostics & Clinical Services Plc (NGX: UNIONDAC) has announced the conclusion of the ‘Scheme of Arrangement’ in which Cedar Advisory Partners Limited will acquire a total of 1,407,855,051 ordinary shares of 50 kobo each held by all minority shareholders in the company, and the intent of the company to be delisted from the Nigerian Exchange.
The shareholders of UNIONDAC approved the acquisition which represents 39.62% of the company, at an offer price of N0.35 per share, and the delisting of the company’s shares at the last Annual General Meeting and Court Ordered Meeting held on the 25th of January, 2021.
The company said that it has obtained all relevant regulatory approvals from Securities Exchange Commission (SEC), the Nigerian Exchange Limited, Federal High Court, Federal Competition and Consumer Protection Commission (FCCCP).
According to UNIONDAC, all shareholders except Lifecare Partners Limited, Akinniyi Ambrose Olusola and Akinniyi Elizabeth Abimbola are advised to contact the company Registrars for their payoff warrants.
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Cedar an investment firm, currently holds 711,916,612 ordinary shares representing 20.04% equity holding in the company. Cedar will hold a combined 59.66% equity holding of the company, upon the conclusion of the transaction.
The last price UNIONDAC traded on the Nigerian Exchange was N0.28 per share, before trading on the shares was suspended.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.