UACN principal shareholder divests, sells substantial shares

Adebayo Obajemu

One of the three principal shareholders of UAC Nigeria Plc (UACN), Blakeney LLP, has largely cut its stake in the conglomerate with the sales of 80 million additional shares.

This can be seen in a notification that was sent to the Nigerian Stock Exchange (NSE) by UAC Nigeria Plc.

The notification was signed by the Company Secretary/Legal Adviser, Godwin Samuel.

Recall this comes a few days after UAC Nigeria Plc announced a deal to divest 51% of its shares in UACN Petroleum Development Company (UPDC) to Custodian Investment Plc.

An overview of this current sales and reduction of its stake shows that Blakeney LLP reduced its shareholding in the conglomerate through a deal on August 5, at a price of N5.75 per share. A further breakdown of the transactions shows that the 80,000,000 units were sold at N5.75

The purchase consideration for this transaction, which was done on the floor of the Nigerian Stock Exchange, is put at N460 million.

UACN had earlier sent notifications to the NSE announcing sales of 75 million shares by Blakeney between the months of April and June

In an earlier notification sent to the Nigerian Stock Exchange and other stakeholders in February 2019, UAC of Nigeria Plc announced the emergence of three major shareholders with more than 5% stake in the company. The three major shareholders include Themis Capital Management (8.08%), Stanbic IBTC Nominees Limited (7.27%), Blakeney GP 111 Ltd (7.55%).