32.2 C
Lagos
Saturday, May 18, 2024

Dangote Sugar unveils terms in merger with NASCON

Dangote Sugar Refinery (DSR) has disclosed that it has agreed to the terms and conditions of the merger of the company with NASCON Allied Industries Plc. and Dangote Rice Limited (DRL).

In a statement released on Wednesday, Dangote Sugar said the scheme of arrangement offers NASCON and DRL shareholders 12 shares of 50 kobo each in DSR for 11 ordinary shares of 50 Kobo each held in NASCON.

Also, they will be offered 14 ordinary shares of 50 Kobo each in Dangote Sugar for every ordinary share of N1.00 Kobo each in Dangote Rice.

The agreed terms and conditions of the merger will be submitted to the Securities and Exchange Commission (SEC) and subsequently the company’s shareholders at the Court-Ordered Meeting.

“Dangote Sugar Refinery Plc (the “DSR or Company”) hereby notifies the Nigerian Exchange Limited and the investing public that further to its announcement of July 31, 2023, the Merging Entities have agreed 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 (“Scheme”), under Section 711 of the Companies & Allied Matters Act, 2020 (as amended) and other applicable rules and regulations.

“The consideration that will be offered to shareholders of NASCON and DRL is as follows: Scheme Consideration

“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 Kobo 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,” Dangote Sugar wrote.

Dangote Sugar also advised its shareholders to exercise caution when dealing with the shares of the company until a further announcement is made.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

31,020FansLike
7,810FollowersFollow
3,211SubscribersSubscribe

Latest Articles

https://www.fapjunk.com https://fapmeister.com