Tuesday, September 24, 2019 / 03:26PM / By NSE
AG. Leventis (Nigeria) Plc ("AGL" or the "Company") has notified The Nigerian Stock Exchange that Boval S.A acting on behalf of itself, Leventis Holding S.A., and Leventis Overseas Limited (together, the "Core Shareholders") has approached the Board of Directors of the Company with an intention to acquire the shares held by other shareholders of the Company at an offer price of 53 kobo per share, and subsequently delist the Company from the Nigerian Stock Exchange ("The NSE") (the "Proposed Transaction").
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 September 2019. The Proposed Transaction will be implemented under a Scheme of Arrangement in line with section 539 of the Companies and Allied Matters Act, Cap C.20 Laws of the Federation of Nigeria, 2004.
The Proposed Transaction is still subject to the review and clearance of The Nigerian Stock Exchange and the Securities and Exchange Commission as well as the approval of the shareholders of the Company.
The terms and conditions of the Proposed Transaction will be provided in the Scheme Document which will be dispatched to all shareholders following the receipt of the "no-objection" of the regulators and an order from the Federal High Court to convene a Court-Ordered Meeting.
Further developments will be communicated to shareholders in due course. AGL shareholders are advised to exercise caution in dealing in AGL's shares until further information is provided.