Preline Limited Completes Acquisition of 60.98 Percent Stake in Eterna Plc

Preline Limited has now completed the acquisition of 794,969,774 (Seven Hundred and Ninety-Four Million, Nine Hundred and Sixty-Nine Thousand Seven Hundred and Seventy-Four) ordinary shares or 60.98 percent stake of Eterna Plc.

Preline Limited acquired the 60.98 percent stake from six substantial shareholders, according to the details of the statement filed with the Nigerian Exchange Limited.

The six shareholders are 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.

The acquisition was after the six shareholders had formally informed the Board of the Company that they had executed a Sale and Purchase Agreement (SPA) with Preline Limited for the sale of 794,969,774 (Seven Hundred and Ninety Four Million Nine Hundred and Sixty Nine Thousand Seven Hundred and Seventy Four) ordinary shares in the Company representing 60.98% shareholding in the Company.

“We are pleased to announce to the general public; that following the granting of ‘the authority to proceed’ by FCCPC, SEC and NGX and the fulfillment of all other regulatory requirements; Preline Limited has completed the acquisition of 794,969,774 (Seven Hundred and Ninety-Four Million, Nine Hundred and Sixty-Nine Thousand Seven Hundred and Seventy-Four) ordinary shares of the Company representing 60.98% in the Company, thus making it the largest and majority shareholder in the Company,” Eterna Plc stated in a statement signed by Bunmi Agagu, Company Secretary and Legal Adviser.

The statement was released in fulfillment of Eterna Plc disclosure obligations in line with Regulatory guidelines and corporate responsibility to stakeholders.