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Mandatory Takeover Bid: Preline set to buy 1.3m ordinary shares of Eterna Plc



Eterna Plc declares N4.58bn loss in 9 months

Adebayo Obajemu

The investing public has been sent notice of the Mandatory Takeover bid to purchase 1,300,000 ordinary shares representing 0.10% of the issued and paid-up capital of Eterna, not currently held by Preline Limited.

Qualifying shareholders are shareholders of Eterna whose names are in the register as at the Qualification date. Qualification date was June 30, 2022.

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The main objective of the offer is to allow Preline compliance with Part XII, Section 131(1)(a) of the ISA and Rules 445 of the SEC Rules and Regulations, following its acquisition of a 60.98% equity stake in Preline limited.

Qualifying stakeholders who take the Offer will receive a cash consideration of N13.50 per ordinary share tendered and purchased by Preline during the Acceptance Period.

Eterna shareholders may only accept this offer by completing and executing the Acceptance form (included in the Mandatory Takeover bid document) and delivering same to the Registrar, Cordros Registrars Limited within the acceptance period.

Recall that Preline limited acquired 794,969,774 ordinary shares in Eterna PLC representing a 60.98% equity stake, from Eterna PLC, on October 29, 2021 following receipt of the required regulatory approvals from the Securities and Exchange Commission’s, the Nigerian Exchange Limited and the Federal Competition and Consumer Protection Commission.

In accordance with Part XII, Section 131(1)(a) of the Investment and Securities Act (No. 29 of 2007) (“ISA”) and Rule 445 of the Securities and Exchange Commission’s Rules & Regulations, Preline is required to make a Mandatory Takeover bid to all the other shareholders of Eterna Plc other than Preline Limited.

The Board of Preline Limited granted its approval for a Mandatory Takeover bid to be made to all Qualifying shareholders of Eterna and has received the SEC’s “Authority to Proceed” with the Mandatory Takeover bid.

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