Eterna Plc has notified the Nigerian Exchange and the investing public that Preline Limited has notified the Company of its intention to proceed with the Takeover bid to acquire 1,300,000 ordinary shares equivalent to 0.10% equity stake in Eterna Plc from other shareholders at a price of N13.50 per share. This is following the granting of the ‘‘Authority to proceed’’ by SEC.
Prior to this new development, Eterna Plc in November 1st 2021 notified the investing public that Preline Limited has completed the acquisition of 794,969,774 (Seven Hundred and Ninety-Four Million, Nine Hundred and Sixty-Nine Thousand Seven Hundred and Seventy-Four) ordinary shares of the Company representing 60.98% in the Company, making it the largest and majority shareholder in the Company, thus triggering the mandatory tender offer (MTO) provisions of the Investment and Securities Act and Securities and Exchange Commission (SEC) Regulations.
Therefore acquisition by Preline Limited is just 0.10% of equity stake of Eterna Plc as against the 60.98% that was initially proposed.
