Notore Chemical Industries Plc (Notore) has notified the Nigerian Exchange Limited (NGX) and the investing public that it has received an offer from Kwararafa Africa Limited, acting along with TY Holdings Limited and Notore Chemical Industries (Mauritius) Limited (together, the core shareholders), to acquire all the shares being held by the minority shareholders in Notore.
Ahead of this transaction, shareholders of Notore and members of the public have been advised to exercise caution when dealing in the shares of Notore until a further announcement is made.
The company’s share price stood at N62.5 per share as at November 26. Notore has 4.030billion shares outstanding.
Notore Chemical Industries Plc in its unaudited interim financial statements for the nine months period ended September 30, 2024 reported group loss of N212.650billion which widened from N66.238billion in same period of 2023.
The effectiveness of the Scheme is subject to the approval of the Securities and Exchange Commission (SEC), the Scheme Shareholders at the Court-Ordered Meeting, as well as the sanction of the Federal High Court.
The transaction is proposed to be implemented by way of a Scheme of Arrangement (the Scheme) between the Company and its shareholders in accordance with the provisions of Section 715 of the Companies and Allied Matters Act 2020 (as amended), and other applicable laws.
“The terms and conditions of the Scheme will be stated in the Scheme Document which will be dispatched to all shareholders, following receipt of an initial approval from the SEC and a subsequent order from the Federal High Court to convene a Court-Ordered Meeting of the Company’s shareholders. Further details will be communicated to the market upon receipt of requisite approvals from Regulators,” the company said in a recent notice at the NGX.
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