Dangote Flour Announces Scheme of Arrangement and Board Changes with an All Foreign Directors List

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Saturday, November 2, 2019  /  04:47PM  /   By TheAnalyst   /   Header Image Credit: Olam

 

Dangote Flour Mills Plc on Friday, November 01, 2019 announced the following changes in the composition of the Board, effective October 31, 2019:

 

Leaving:

  1. Asue IGHODALO;
  2. Thabo MABE;
  3. Halima Aliko-DANGOTE;
  4. Olakunle ALAKE;
  5. Arnold EKPE; and
  6. Yabawa Lawan WABI (MNI)

 

 

Coming In:

  1. Venkataramani SRIVATHSAN;
  2. Chandrasekaran BALAJI;
  3. Mukul MATHUR; and
  4. Anurag SHUKLA.

 

In the days to come, there will be much more interest in the dynamics around a listed company acquisition, possibly delisted thereafter, and now controlled by non-Nigerian entities. While this does not impact the performance or productivity issues around the business which has much larger Nigerian value impact, it is an issue we will be watching out for and monitoring how it impacts and aggregates the helicopter view

 

 

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In other news......

 

Scheme of Arrangement Between Dangote Flour Mills Plc and Holders of its Ordinary Shares for the Acquisition of 4,994,888,77 Issued and Fully paid ordinary shares of 50 Kobo each of DFM by Crown Flour Mills Limited ("CFM")

 

Scheme of Arrangement ("the Scheme") becomes Effective

The Board of Dangote Flour Mills Plc  ("DFM") is pleased to announce that, further to the sanction of the Scheme by the Federal High Court on the 22"4 of October 2019, the Court Order has been delivered to the Corporate Affairs Commission and accordingly the Scheme has become effective in accordance with its terms.

 

Trading in DFM Shares on The Nigerian Stock Exchange ("The NSE") was suspended on the 28 of October 2019. Consequently, the ordinary shares of DFM will be delisted from The NSE pursuant to the Court Order.

 

All shareholders in the register of members of DFM on the 31st of October 2019 will be entitled to receive N24 in cash for each Scheme Share held. Settlement of the consideration to which shareholders are entitled will be effected in accordance with the terms of the Scheme Document. The Naira Escrow Consideration has been funded and Dangote Flour Mills Plc  and the Registrar have been notified by the Escrow Bank.

 

The Scheme Consideration will become due and payable by the Registrar to shareholders within four (4) Business Days of the Transfer Date. Shareholders are encouraged to complete their electronic payment registration with the Registrar in order to avoid any delay in receiving payment.

 

Full details of the Scheme are set out in The Scheme Document issued by Aisha Ladi Isa, Company Secretary and dated Thursday August 29, 2019.

 

 

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Visit  Dangote Flour Mills Plc IR Page in Proshare MARKETS

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Related News - Dangote Flour & Olam

1.      DANGFLOUR Declares N6.84bn Loss in Q3 2019 Results, (SP:N22.25k)

2.     NSE Places the Shares of Dangote Flour Mills Plc on Full Suspension

3.     DANGFLOUR Postpones Annual General Meeting for the Year Ended December 2018

4.     DANGFLOUR To Hold Court Ordered Meeting On October 14, 2019

5.     DANGFLOUR Urges Shareholders To Update Their Records With Its Company Registrars

6.     Olam Has Reduced Its Offer for Dangote Flour Mills by N10bn

7.     Olam Acquires Dangote Flour Mills; DANGFLOUR Declares N1.16bn Loss in 2018 FYA; To Delist

8.     Dangote Flour Mills Plc Changes Venue of AGM

9.     Dangote Flour Mills' Return to Profitability; Launches New Affordable Pasta

10.  Dangote Flour divests from Noodles, Cedes Assets to Dufil

11.   Dangote Flour Plc Announces Filing of its 2016 Audited Financial Statement

12.  Dangote Flour Mills Plc Change of Name Implemented by Both NSE and CSCS

13.  Dangote Flour Restructures Operations, Reopens Kano Wheat Plant

14.  TIGERBRANDS Changes Name to Dangote Flour Mills Plc

 

 

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Related Links to NSE

  1. DANGOTE FLOUR MILLS PLC - SCHEME OF ARRANGEMENT BECOMES EFFECTIVE
  2. DANGOTE FLOUR MILLS PLC

 

 

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