Blakeney LLP Sells UAC Shares Amid Fall in Price

UAC of Nigeria Plc has disclosed that one of its substantial shareholders, Blakeney LLP, has sold part of its shares in the company.

In a statement signed by Godwin A. Samuel, Company Secretary and Legal Adviser, UACN, Blakeney LLP sold 80,000,000 shares of UAC Nigeria on August 5th, 2020.

According to the company, Blakeney sells a unit share at N5.75 at the Nigerian Stock Exchange trading floor in Lagos.

It would be recalled that Investors King reported that Blakeney LLP sold 40 million shares at N7 per share on June 17, 2020.

The company, however, appeared to have divested even more following a further decline in the share price of the company to N5.75 per share after it announced a deal to sell its 51 percent stake in UACN Petroleum Development Company (UPDC) to Custodian Investment Plc last week.

An insider dealing gives an insider clue or perception of a particular organisation. Hence, why we have taken it upon ourselves to publish every insider dealing.

At 5.75 per share, Blakeney divested N460 million last week and at N7 per share (40,000,000), it divested N280 million in June.

Bringing its total divestment in the last two months to N740 million or 120 million shares. See the details below.