Nigerian Exchange Limited
Custodian Investment Plc to Buy Minority Shareholders of UACN Property Development Company Plc
Custodian Investment Plc has received approval from the Securities and Exchange Commission to proceed with a Mandatory Takeover (MTO) Offer to Minority Shareholders of UACN Property Development Company Plc (UPDC) for the purchase of up to 34,415,332 ordinary shares of 50 kobo each.
The transaction will be done at a price of 90 kobo per share, according to a statement signed by Adeyinka Jafojo, Company Secretarial Services, Custodian Investment Plc.
The qualification date for the offer is on May 14, 2021 and only shareholders whose names appear on the Register of Members as at the date, other than UAC of Nigeria Plc and Custodian Investment Plc are eligible to participate.
The Offer is expected to open on May 31, 2021 and close on July 2, 2021.