UACN Property to Undergo Mandatory Takeover as Custodian Eyes Minority Stake
- The Securities and Exchange Commission has given Custodian investment authority to effect mandatory takeover at UPDC
- Custodian Investment will acquire 34.41 million shares with the mandatory takeover by May ending
- The acquisition of shares is estimated to cost the investment company N30.79 million
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Custodian Investment has made move to acquire shares of minority holders in UACN Property Development Company Plc (UPDC). A statement showed that the firm has received regulatory approval.
Custodian Investment was authorised to make a takeover bid which is termed mandatory by the Securities and Exchange Commission. The acquisition is estimated to cost about N30.79 million.
The investment company will offer N0.90kobo for a share in the transaction which will see Custodian acquire 34.41 million shares. The mandatory takeover will begin on May 30, which is when Custodian will make its offer.
Acquisition process will end on July 2, 2021 according to a statement from Custodian Investment, and seen by Legit.ng. In the company's words, it was stated that:
"Following the approval of the Securities and Exchange Commission via the Commission's letter dated May 18, 2021, Custodian Investment Plc, has been authorized to proceed with a Mandatory Takeover (MT O) Offer
Source: Twitter
"to be made to Minority Shareholders of UACN Property Development Company Plc (UP DC) for the purchase cf up to 34,415,332 (Thirty-Four Million, Four Hundred and Fifteen Thousand, Three Hundred and Thirty-Two) Ordinary shares of 50 kobo each, at a price of 90 Kobo per share.
"The Qualification date for the Offer will be May 1 4, 2021, and Shareholders whose names appear on the Register of Members as at the date, other than U AC of Nigeria Plc and Custodian Investment Plc are eligible to participate. The Offer is expected to open on May 31 , 2021 and close on July 2, 2021." The statement reads.
Meanwhile, Legit.ng had earlier reported that Nigerian startup, Mono, raised $2 million in a seed round which got participation of five investors. The fundraising follows two others.
The financial startup had in September last year, raised $500,000, before adding $125,000 two months later. With the recent fundraising, it means Mono has secured a total $2.62 million since it started operation last year.
The five investors that took part in this latest investment round are Entrée Capital, TCVP's Gbenga Oyebode, VC Lateral Capital, Verod Capital co-founder, Eric Idiahi, and Babs Ogundeyi, Kuda’s co-founder and chief executive officer.
Source: Legit.ng
