NSE Suspends Trading In 7-UP Shares As Shareholders Approve New Scheme
The Nigerian Stock Exchange (NSE) has suspended the shares of Seven-Up Bottling Company (7-Up) Plc following shareholders’ approval of the Scheme of Arrangement by which the majority shareholder, Affelka S.A. would acquire the outstanding 26.8 per cent shares of the company.
The shareholders gave an overwhelming approval at the Court-Ordered Meeting that was convened at the instance of the Federal High Court in Lagos.
In a notification to the dealing members on the Nigerian Stock Exchange (NSE), yesterday said, trading in the shares of Seven-Up Bottling Company has been placed on full suspension on the Exchange with effect from January 12, 2018.
According to the notice, the suspension is for the purpose of determining the shareholders who will qualify to receive the Scheme consideration following the decision of the company’s majority shareholder, Affelka S.A, to acquire all outstanding and issued shares of Seven-Up Bottling Company that are not currently owned by Affelka.
“The company’s shareholders passed a resolution to this effect at the Court Ordered Meeting of the company January 11, 2018. The Scheme will result in the voluntarily delisting of Seven-Up Bottling Company from the Daily Official List of the Exchange.”
The chairman of Seven-Up Bottling, Mr. Faysal El-Khalil, said, “We believe that the Scheme will create considerable benefits and opportunities for all stakeholders of Seven-Up Bottling Company and will serve to protect minority shareholders from a continuous erosion of value.
Furthermore Seven-Up Bottling Company Plc. is again assured of Affelka’s long term commitment to the Company and Nigeria.”
Read More at: https://leadership.ng/2018/01/16/nse-suspends-trading-7-shares-shareholders-approve-new-scheme/
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