Dangote Sugar Refinery Plc has notified the Nigerian Exchange Limited and the investing public that further to its announcement of July 31, 2023, the Merging Entities have agreed on the terms and conditions of the Merger of the Company with NASCON Allied Industries Plc (NASCON) and Dangote Rice Limited (DRL) which is an internal restructuring to be executed through a Scheme of Merger, under Section 711 of the Companies & Allied Matters Act, 2020 and other applicable rules and regulations.
The consideration that will be offered to shareholders of NASCON and DRL is as follows:
Eleven (11) ordinary shares of 50 Kobo each in DSR, credited as fully paid-up shares, for every Twelve (12) NASCON shares of 50 Kobo each, which totals 2,428,651,847 new ordinary shares of DSR; and
Fourteen (14) ordinary shares of 50 Kobo each in DSR, credited as fully paid-up shares, for every One (1) ordinary shares of N1.00 each in DRL share, which totals 2,775,792,508 new ordinary shares of DSR.
The Terms and Conditions of the Merger as agreed by the parties will be presented to the Securities and Exchange Commission (SEC) and subsequently the Company’s shareholders at the Court-Ordered Meeting.