Champion Breweries Plc has informed the Nigerian Exchange Limited and the investing public of the proposed mandatory take-over by The Raysun Nigeria Limited (Raysun) to acquire up to 1,196,799,164 ordinary shares from the other shareholders of the company.
The Board of Raysun had on May 10, 2021 granted approval for a take-over offer to be made to all the other shareholders of the Company other than Raysun, for the acquisition of the Offer Shares representing 15.3percent of the total issued and fully paid-up share capital of the Company, according to a notice signed by Elijah Akpan, Chairman of Champion Breweries Plc.
The mandatory take-over is being effected in accordance with the directives of the regulator subject to the provisions of Section 131, Part XII of the Investment and Securities Act, No. 29, 2007 (as amended) and Rule 445 of the Securities and Exchange Commission (SEC) Rules and Regulations, 2013 (as amended).
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Raysun has received the SEC’s authority to proceed with the Offer and will file the offer document with the SEC for registration. Following the registration, Raysun will be making a tender for the Offer Shares, which the shareholders may accept at their discretion.
“Further to the above and in accordance with Rule 17.5 (Part C, Issuers’ Rules) of The Rulebook of The Exchange (the “Rulebook”), we hereby notify The Exchange of the Offer in fulfillment of our obligation to report such matters and will continue to do so in line with the requirements of The Rulebook”, Champion Breweries Plc noted.
This no doubt has triggered the buy momentum in favour of the stock which as of 10.32 am on Tuesday have reached maximum 10 percent daily gain. Champion Breweries which opened for trading on Tuesday at N2.30 moved up to N2.53, gaining 23kobo.
