UAC OF NIGERIA PLC – Mandatory Take-Over of shares in Portland Paints
UAC of Nigeria Plc (“UACN”) has notified the market of the Mandatory Take-Over bid of up to 2,000,000 Ordinary Shares of 50 kobo each in Portland Paints and Products Nigeria Plc at N4.47 per share.
The Qualification date for the transaction is Wednesday, 16th November, 2016 which is the date Qualifying shareholders of Portland Paints will be determined. Qualifying Shareholders are the shareholders of Portland Paints other than UACN whose names appear in the Register of Members of Portland Paints as at the Qualification Date and who are eligible to receive the Take-Over Bid document
IKEJA HOTEL PLC – Suspension of Trading on Shares
Pursuant to the Provisions of Rule 15.45: Suspension on Trading of Securities, Rulebook of The Nigerian Stock Exchange, 2015 (Dealing Members’ Rules), trading in the shares of IKEJA HOTEL PLC has been placed on full suspension with effect from yesterday, 10th November, 2016.
The Exchange took this action to safeguard the investments of the shareholders of the Company following the continued dispute between the major shareholders of the Company which has negatively impacted on the Company’s governance structure. The Securities and Exchange Commission (SEC) has been notified of this development and the suspension will be in place until further notice.