The Nigerian Stock Exchange (NSE) at the weekend, suspended the trading on the shares of A.G. Leventis Nigeria Plc as its plans to exit the nation’s draw nearer.
The Exchange in a statement, noted that the full suspension was required to prevent further trading in the shares of the company in order to determine the shareholders that will qualify to receive the scheme consideration from the Scheme of Arrangement between A.G. Leventis (Nigeria) Plc and the holders of its fully paid ordinary shares of 50 kobo each.
A.G Leventis (Nigeria) Plc had last September, notified the investing community that Boval S.A, acting on behalf of itself, Leventis Holding S.A, and Leventis Overseas Limited, which are core shareholders of the company, had planned to acquire the shares held by other shareholders.
According to the company, Boval S.A had approached its board of directors with an intention to acquire the shares held by other shareholders of at an offer price of 53 kobo per share, and subsequently delist the company from the NSE.
The offer price of 53 kobo represents a premium of 85 per cent to the 60-day volume weighted average share price and 104 per cent to the company’s closing share price on 23 September2019.
According to the company, the proposed transaction will be implemented under a Scheme of Arrangement in line with section 539 of the Companies and Allied MattersAct, Cap C.20 Laws of the Federation of Nigeria, 2004.
The company’s shares had recorded a 10 per cent appreciation closing December 23, 2018 session at 0.55 kobo.