Preline Limited said it is proposing a mandatory takeover of 1,300,000 ordinary shares equivalent to 0.10 per cent equity stake in Eterna Plc. This leaves its total acquisition of the company at 61.08 per cent.
It would be recalled that the company in a public statement dated 1st November 2021 had notified the general public that 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 per cent in the Company.
This makes the company the largest and majority shareholder in the Company, thus triggering the mandatory tender offer (MTO) provisions of the Investment and Securities Act and Securities and Exchange Commission (SEC) Regulations.
According to the company in a letter signed by the secretary, Mandella Golkus, wishes to announce to Nigerian Exchange Limited and the general public; that following the granting of the ‘‘Authority to proceed’’ by SEC, Preline Limited has notified the Company of its intention to proceed with the takeover bid to acquire 1,300,000 ordinary shares equivalent to 0.10 percent equity stake in Eterna Plc from other shareholders at a price of N13.50 per share.
This notification is in fulfillment of the company’s disclosure obligations in line with regulatory guidelines and their corporate responsibility to our stakeholders.
However, in a letter dated April 15th 2022( which ought to be a public holiday) the company said that a meeting of the Board of Directors of Eterna Plc (the Company) will take place on Thursday 28th April 2022 at the Company’s Board Room located at 5a Oba Adeyinka Oyekan Avenue, Ikoyi, Lagos at 2:00pm prompt.
The agenda expected to be discussed includes the consideration of the Company’s 2022 First Quarter Unaudited Financial Statements for the period ended 31st March 2022 (2022 Q1 UFS).
In compliance with the Listing Rules of Nigerian Exchange Limited (NGX), the Company hereby announces to the Public that a Closed Period which has commenced since 1 April, 2022 by operation of the Rules of the NGX still subsists.
Consequently, no Director, employee, person discharging managerial responsibility, advisers and consultants of the Company and their connected persons may directly or indirectly deal in the shares of the Company until 24 hours after the Unaudited Financial Statements forQ1, 2022 is released to the public.
