PZ Cussons Nigeria Plc (PZCN) has announced that PZ Cussons (Holdings) Limited plans to purchase all outstanding shares from its shareholders at a rate of N21 per share.
PZCN currently has 3,970,477,045 shares listed on the Nigerian Exchange Limited (NGX). A statement signed by its Ag. Company Secretary, Olubukola Olonade-Agaga, says that PZ Cussons Group’s offer is driven by the belief that the transaction is essential to streamline its operations in Nigeria and execute its strategic plans.
He added that the Group aims to cultivate a more agile and innovative business environment. This will require the company to convene a general meeting of its shareholders by an order by the Federal High Court.
The proposed transaction is planned to be executed via a Scheme of Arrangement, following the provisions of section 715 of the Companies and Allied Matters Act, No.3 of 2020 (as amended), along with other applicable regulations.
The terms and conditions of the Proposed Transaction will be provided in the Scheme Document which will be dispatched to all shareholders before the Court Ordered Meeting.
Further developments will be communicated to shareholders in due course. “The Company’s shareholders and members of the public are advised to exercise caution in dealing in PZCN’s shares until further information is provided,” the Ag. Secretary said in a statement.