• Wednesday, February 28, 2024
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BusinessDay

GSK gets SEC’s approval for Scheme of Arrangement to delist from NGX

GSK gets SEC’s approval for Scheme of Arrangement to delist from NGX

…. shareholders to get N17.42 per share for every share held

GlaxoSmithKline Consumer Nigeria Plc (GSK) has notified the Nigerian Exchange Limited (NGX), its shareholders, and other stakeholders that the company has now received formal Securities and Exchange Commission (SEC) approval of its proposed scheme of arrangement.

GSK Consumer Nigeria also said the order of the Federal High Court sanctioning the Scheme of Arrangement has also been obtained, adding that an application for the delisting of the Company’s shares from the NGX will be submitted imminently.

All the Company’s shareholders – except GSK UK (whose shares are held through its wholly owned subsidiaries, Setfirst Limited and SmithKline Beecham Limited) – will
receive a total cash distribution of N17.42 per share for every share held in the Company.

Shareholders had at the Court Ordered Meeting the company held on December 5, 2023 proposed Scheme of Arrangement (the Scheme).

GlaxoSmithKline Consumer Nigeria Plc had on November 2, 2023 notified Nigerian Exchange Limited (NGX), its shareholders, and other stakeholders that the Company received Securities and Exchange Commission (SEC) ‘’No Objection’’ to propose a Scheme of Arrangement to shareholders for the dissolution of GSK’s business.

The Company had previously issued an announcement on August 3, 2023.

The transaction will be implemented by way of a Scheme of Arrangement (‘’the Scheme’’) between the Company and the Company’s shareholders, in accordance with the provisions of Section 715 of the Companies and Allied Matters Act 2020 (as amended). Under the terms of the Scheme, the Scheme shares – being all of GSK’s outstanding shares – will subsequently be cancelled.

GSK UK owns 555,081,925 Ordinary Shares of GSK, which are held by Setfirst Limited and SmithKline Beecham Limited but has opted to relinquish their portion of the cash distribution, amongst other support that is being provided.