Wilko Corporation, at the weekend indicated intention to acquire 20.64 per cent of Avon CrownCaps and Containers Nig. Plc issued share capital.
Wilko Corporation, a private company incorporated in the Bahamas, is currently the majority shareholders in Avon CrownCaps & Containers Nigeria Plc.
The News Agency of Nigeria (NAN) reports that the company’s plan is contained in a statement published by the Nigerian Stock Exchange (NSE) on its website.
The NSE said that Wilko proposed to acquire the entire minority shareholding of Avon Crowncaps, amounting to 141.16 million ordinary shares of 50 kobo each or 20.64 per cent of the company’s issued share capital.
“The company has notified the exchange through its stockbroker, CSL Stockbrokers, that its board had received a restructuring proposal from the majority shareholder, Wilko Corporation, a private company incorporated in the Bahamas,” it said.
The proposed acquisition of the company’s minority shareholding by Wilko, according to the exchange, will be effected by way of a Scheme of Arrangement under the Companies and Allied Matters Act.
The NSE said that the proposed scheme would be subject to the approval of the shareholders at an extraordinary general meeting to be convened by an order of the Federal High Court and the subsequent sanction of the court.
It said that the cancellation of the scheme shares and issuance of new Avon Crowncaps shares to Wilko would result in delisting of Avon Crowncaps shares from the Daily Official List of the NSE.
It said that holders of the scheme shares would receive N1.90 for each share offered in consideration of the cancellation.
It added that the company would become a wholly owned subsidiary of Wilko after the exercise. (NAN)
Source : Leadership