Proshare Logo
   Market Date: 17-04-2014   
Agriculture All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs STOCKPICKS Taxation Telcos Travel & Tours Unlisted Stocks World of Business

NBC Plc to Delist, Sends Notice to NSE

Category: Capital Market


  Read (8100)
NBC Plc to Delist, Sends Notice to NSE

 

 

Lagos, Nigeria, 14 December 2010
 
Nigerian Bottling Company Plc: Proposed Scheme of Agreement
Nigerian Bottling Company Plc (“NBC” or “the Company”), wishes to formally inform the Nigerian Stock Exchange (“NSE”) of a proposed Scheme of Arrangement (“Scheme”) between the Company and its members, involving a cancellation of part of its share capital, such that the Company would become a wholly owned subsidiary of its majority shareholder, Coca-Cola Hellenic Bottling Company S.A. (“Hellenic”).
 
The proposed Scheme would be effected under the provision of S539 of the Companies and Allied Matters Act (“CAMA”), which allows for an arrangement to be proposed between a company and its members.
 
The proposed structure envisages a cash consideration to be paid as compensation to shareholders for the cancellation of the shares of the Company which Hellenic (through its subsidiaries) does not already own. The terms and conditions thereof will be incorporated in a Scheme document to be circulated within the stipulated statutory period to all the Company’s shareholders for their consideration.
 
The proposed Scheme includes a cash payment ofN43 per NBC share as consideration to the minority shareholders. The proposed price would provide all minority shareholders with a premium of 37.4% to the 30-day average closing price and 43.2% to the closing price of NBC shares on the NSE on December 13 2010 which was N30.03 per NBC share.
 
The proposed Scheme will also be subject to the approval of the shareholders at a meeting of the Company, convened on the order of the Federal High Court (“FHC”), and will only become binding and effective upon obtaining the approval of not less than three-quarters in value of shares held by those present and voting, in person or by proxy, at the said meeting and the subsequent sanction of the FHC.
 
An application will consequently be made for the delisting of the Company’s shares from the Daily Official List of the NSE. The Company will also be re-registered as a private company in accordance with the relevant provisions of CAMA.
 
REFERENCE: Proshare’s Daily Market Report oF August 23, 2010  where the planned delisting was placed before the market.
 
The consequences of the ongoing imbroglio on the exchange have taken a new dimension as it was reported in the dailies today that three foreign blue chip companies (from Breweries, Conglomerate and Food & beverages subsectors) might be threatening to pull out of the bourse. According to the information gathered, loss of confidence, crisis in the Exchange and market meltdown was among the reasons why these companies are threatening to pull out from the stock exchange.
 
This further strengthens our stand as expressed in our previous reports that there are urgent needs to resolve the ongoing crisis; the more the crisis lingers, the worst it may continue to get for the market as this will make the market unattractive for reasonable investors. Foreign investors will be scared away further.
 


Tags: , 



Comment With Your Facebook or Yahoo! ID


Latest news


News on Capital Market

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Newsletter
Contact Us
Message from CEO
Resources

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
WebTV
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

#1minNews
News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Newsletters
Discussion Forum
Policy

Subscriber Agreement
Privacy Policy
Data Policy
Disclaimer
Copyright Policy
Trademarks
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Training
Legal Support Services
Web/Technology Services
File a Complaint