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Thursday, March 23, 2023

Custodian Launches Mandatory Takeover Offer to Increase Shareholding in UPDC

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Custodian investments, currently the majority shareholder in UPDC holding 51 percent of the total issued and paid-up capital of UPDC is launching a mandatory take-over offer to acquire up to 34,415,332 ordinary shares at N0.90 per share, representing 3.02 percent of the total minority shareholding of UPDC.

Custodian is offering to acquire shares from the minority shareholders of the Company, on a voluntary basis, provided that Custodian shall not be required to acquire any shares in excess of such number of shares as would take Custodian’s aggregate interest in UPDC up to a maximum of 51.1 percent of the issued and paid-up share capital of UPDC.

The Board of Directors of UPDC in recommending the Offer to the shareholders, said:

“it considers the terms of the Offer to be fair and reasonable and that it presents a great opportunity for shareholders to realize liquidity at an attractive valuation.”

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