Xenergi targets 2m Premier Paint shares in latest takeover move

Xenergi Plc has officially launched a Mandatory Tender Offer (MTO) to acquire 2 million ordinary shares of Premier Paints Plc, representing a 1.63 percent equity stake in the company.

This Tender Offer for 2 million ordinary shares of Premier Paint at N38 per share amounting to N76 million represents an offer for 1.63 percent of the shares in Premier Paint not presently held by Xenergi.

Xenergi Plc had on June 8 acquired 61,003,350 ordinary shares in Premier Paint Plc representing a 49.60 percent equity stake. Xenergi Plc and Premier Paint Plc executed a Share Sale and Purchase Agreement detailing the terms and conditions of the acquisition. The acquisition was concluded following receipt of the required regulatory approvals from the FCCPC; SEC and the NGX.

In accordance with Section 142(4) of the ISA Act 2025, Xenergi Plc is required to make a Tender Offer to all the other shareholders of Premier Paint Plc. Consequently, on December 5, 2025, the Board of Xenergi Plc granted approval for a Tender Offer to be made to all qualifying shareholders, for the acquisition of the offer shares.

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The period for acceptance of the Mandatory Tender Offer will begin on June 22 and end on July 17.

Emeka Ene, managing director, Xenergi Plc noted that “Xenergi shall not be entitled to receive dividends or distributions declared, if any, in respect of any tendered Offer Shares for the financial year ended December 31, 2025”.

On the rights of withdrawal, the company said, “Qualifying shareholders may withdraw some or all the Offer shares they tendered pursuant to the Tender Offer at any time until July 3 which is the withdrawal period – that is 10 days after the opening date of the Tender Offer. Offer shares would be deemed to have been tendered pursuant to the Tender Offer, if duly completed at closing time”.

On settlement, Ene said, “Xenergi will transfer the consideration to CardinalStone Registrars by July 30 and CardinalStone Registrars will effect full settlement of the Consideration due to qualifying shareholders who have validly tendered offer shares pursuant to the Tender Offer by July 27 by direct electronic transfer to the bank accounts of the respective qualifying shareholders. In the event that the offer is over-subscribed and acceptances are scaled back, qualifying shareholders should note that this may have timing implications and the settlement period may be subject to change or adjustment by the SEC”.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.