Xenergi Plc (NGX: PREMPAINT) has launched a tender offer to minority shareholders of Premier Paints Plc as part of its regulatory obligation following its acquisition of a significant stake.
This follows Xenergi’s purchase of 61,003,350 shares of Premier Paints Plc on June 8, 2026, increasing its ownership to 49.60% of the company’s issued and paid-up share capital.
Under the provisions of the Investments and Securities Act (2025), Xenergi is required to extend a tender offer to minority shareholders on terms at least equal to those offered to the previous shareholders.
The company aims to buy up to 2,000,000 ordinary shares, roughly 1.63% of Premier Paints Plc’s equity interest that it does not already own.
This offers minority shareholders an exit opportunity, with accepted shares receiving N38.00 per share in cash, net of taxes—about a 25% premium over the market price of N30.04 per share as of June 25, 2026.
“A cash consideration of N38.00 (Thirty-Eight Naira only) per every ordinary share purchased by Xenergi from the qualifying shareholders of Premier Paint, net of any applicable tax.”
Premier Paint’s Board has reviewed the offer, considers it fair, and recommends it to shareholders.
The Board also notes that once shares are tendered, they cannot be sold, transferred, charged, or otherwise disposed of except in accordance with the tender process.
The Directors have endorsed the offer, emphasizing that participation is at each shareholder’s discretion and depends on their personal financial and investment goals. Shareholders are advised to seek independent professional advice before deciding whether to accept or reject the offer.
The acceptance period begins at 8:00am on July 13, 2026, and ends at 5:00pm on August 7, 2026. Shareholders can withdraw tendered shares within ten days, until July 24, 2026. Settlement to accepted shares is expected by September 1, 2026.
Market observers view this move positively, as it strengthens Xenergi’s position in Premier Paints. If fully subscribed, the offer would increase Xenergi’s stake from 49.60% to 51.22%, bringing it closer to majority control and complying with regulations protecting minority investors during ownership transitions.
Administrator and Writer
