The Nigerian Stock Exchange has announced the delisting of A.G Leventis Nigeria Plc from its daily official list. The NSE said in a notice that the company had voluntarily applied for a delisting, which it approved on December 31, 2019. The company’s shares had been suspended fully from trading on December 27, 2019. A.G. Leventis had in September revealed that its core shareholders ― Boval S.A, Leventis Holding S.A, and Leventis Overseas Limited ― had planned to acquire the shares held by other shareholders.
It said Boval S.A, which acted on behalf of the other core shareholders, approached its board of directors with an intention to acquire the shares held by other shareholders at an offer price of 53 kobo per share, and subsequently delist the company from the NSE. It added that the transaction was to be implemented under a scheme of arrangement in line with Section 539 of the Companies and Allied Matters Act, Cap C.20 Laws of the Federation of Nigeria, 2004.
The statement read in part, “The proposed transaction is still subject to the review and clearance of the NSE and the Securities and Exchange Commission, as well as the approval of the shareholders of the company. “The terms and conditions of the proposed transaction will be provided in the scheme document, which will be dispatched to all shareholders following the receipt of the ‘no-objection’ of the regulators and an order from the Federal High Court to convene a court-ordered meeting.”
The NSE suspended trading in the shares of A.G. Leventis to help the company to determine the shareholders that would qualify to receive the scheme consideration from the arrangement between it and the holders of its fully paid ordinary shares of 50 kobo each. It said further to the approval of the company’s application to delist its entire issued share capital from the Exchange, stakeholders were informed that the entire issued share capital of A.G. Leventis was on Tuesday, 7 January 2020 delisted from the daily official list of the Exchange.