The Board of Directors of Capital Hotels Plc had agreed to sell a 51 percent stake of the company to 11 Plc at N7 per share subject to Hans Gremlin Niger Ltd, a core shareholder, being given the opportunity to exit 50 percent of its stake in the company at the same price.
At the emergency meeting held on June 14th, 2021, the board of directors said the deal is “subject to Hans Gremlin Nig Ltd (the Core shareholder) being given the opportunity to exit 50% of its stake in Capital Hotels Plc at the same price, and on such other terms and conditions as the Directors may deem fit subject to obtaining the approval of the Regulatory Authorities.”
The Board also agreed that in order to balance the interest of Capital Hotels Plc (the Company), Hans Gremlin Nig Ltd (the Core shareholder) and 11 Plc (the Investor), the transaction could be structured with offer for sale and offer for subscription subject to obtaining approval required from the Regulatory Authorities.
The Board further agreed that if the new investor accepts the conditions herein stated, an Extraordinary General Meeting would be convened to get the approval of the Shareholders for this transaction.
