The Guardian
Email YouTube Facebook Instagram Twitter

Seven-up Shareholders approve firm’s scheme of arrangement

Related

Nigeria Stock Exchange, Lagos


Shareholders of Seven-Up Bottling Company Plc, yesterday, approved the Scheme of Arrangement by which the majority shareholder, Affelka S.A. would acquire the outstanding 26.8 per cent shares of the company.

The shareholders gave the approval at the Court-Ordered Meeting that was convened at the instance of the Federal High Court, held at Eko Hotel, Lagos.With the approval, Affelka S.A. will increase its ownership of the company to 100 per cent by acquiring all the outstanding and issued shares, previously held by the minority shareholders.

In consideration for the transfer of the shares, a payment of N125.00 per scheme share will be made to each shareholder.The payment represents a 22.6 per cent premium on the last traded share price of Seven-up on January 9, and a 27.6 per cent premium on the share price as at close of August 9, 2017. This was the last business day prior to the date the initial proposal was received from Affelka with Chapel Hill Denham Advisory Limited, and Aelex Partners acting as Financial Advisers and Solicitors to the Company.

Commenting at the meeting, the Chairman, Seven-Up Bottling Company Plc, Faysal El-Khalil, said: “We believe that the Scheme will create considerable benefits and opportunities for all stakeholders of Seven-Up Bottling Company Plc. and will serve to protect minority Shareholders from a continuous erosion of value. Furthermore Seven-Up Bottling Company Plc. is again assured of Affelka’s long term commitment to the Company and Nigeria.’’

The Nigerian Stock Exchange (NSE), had in its year-end review and index-rebalancing exercise listed Seven up among firms to exit the NSE 30 index.
According to the Exchange, the composition of these indices, is effective January 1, after the completion of the year-end review and index rebalancing exercise, which will see the entry of some major companies and the exit of others from the various indices.

“The Nigerian Stock Exchange (NSE) is pleased to announce the review of the NSE-30, and the seven sectoral indices of the Exchange, which are NSE Consumer Goods, NSE Banking, NSE Insurance, NSE Industrial, NSE Oil & Gas, NSE Pension and the NSE Lotus Islamic Indices.

“The composition of these indices is effective January 1, 2018 after the completion of the year-end review and index rebalancing exercise which will see the entry of some major companies and the exit of others from the various indices.

NSE explained that the indices, which were developed using the market capitalisation methodology, are rebalanced on a biannual basis -on the first business day in January and in July.

The Stocks are also selected based on market capitalisation and liquidity. The liquidity is based on the number of days the stock is traded during the preceding two quarters.

“To be included in the index, the stock must have traded for at least 70 percent of the number of trading days in the preceding two quarters.Seven-Up bottling company Plc is a leading independent manufacturer and distributor of the well-known and widely consumed brands of soft drinks in Nigeria. The Company’s brands include Pepsi, 7UP, Mirinda, Teem, Mountain Dew, and Aquafina premium water, which it produces and markets across the country.



No Comments yet