Preline Limited Acquires 60.98 Percent Stake in Eterna Plc

Following a statement released in December 2020, where substantial shareholders of Eterna Plc announced plans to sell equity holdings to a new investor, the company’s substantial shareholders have now executed a Sale and Purchase Agreement (SPA) that allows Preline Limited to acquire a 60.98 percent stake in the company.

The company disclosed in a statement signed by Bunmi Agagu, Company Secretary/Legal Adviser, Eterna Plc.

The seven substantial shareholders sold a combined 794,969,774 (Seven Hundred and Ninety Four Million Nine Hundred and Sixty Nine Thousand Seven Hundred and Seventy Four) or 60.98 percent shares of Eterna Plc to Preline Limited.

The seven substantial shareholders were Lenux Integrated Resources Limited, Global Energy & Raw Materials Limited, Meristem Wealth Management Limited, Radix Capital Partners Limited, GASL Nominee Limited, GTI Capital Limited and Cardinalstone Partners Limited.

“A formal application with further details will be filed with the Securities and Exchange Commission (SEC) for an “authority to proceed” with the transaction by the transacting parties,” the company disclosed in the statement.

The substantial shareholders of the company had announced a statement titled “Disclosure on Prospective Shareholder Divestment” in December 2020 plans to divest from Eterna Plc.

The statement reads, “some of our substantial shareholders have formally informed the Board of Eterna Plc (the Company) that they are in negotiations to sell equity holdings in the Company to a ‘New Investor’.

“As part of the process of the prospective sale, the proposed New Investor intends to undertake due diligence exercise on the Company.

“The Board has reviewed the request for due diligence and approved same at its meeting held today (21st December 2020).”

Therefore, this announcement was after the shareholders and the new investors, Preline Limited, executed SPA.