HH Capital gets SEC nod for Transcorp mandatory tender offer

Transnational Corporation Plc said that HH Capital Limited has obtained the necessary approvals from the Securities and Exchange Commission (SEC) to make mandatory tender offer of up to 2,032,399 fully paid and issued ordinary shares equivalent to 0.02 percent of the issued and fully paid ordinary shares in Transcorp to other shareholders.

This offer, according to a notice by Atinuke Kolade, Group Company Secretary, Transnational Corporation Plc will be at 0.25 percent premium to the opening price of the ordinary shares of Transcorp as of the opening date, for each unit of ordinary shares tendered.

HH Capital had on April 28, 2023 purchased 1,493,477,786 ordinary shares of Transnational Corporation Plc at a weighted average price of N3.12 per share.

This transaction increased the direct and indirect cumulative shareholdings of HH Capital (including shares held by Related Parties –Tony O. Elumelu, Awele Vivien Elumelu and Heirs Holdings Limited to 35.94 percent of the share capital of Transcorp, hence triggering the mandatory tender offer provisions of the Investment and Securities Act, 2007 (as amended) and the Rules and Regulations of the Securities and Exchange Commission, 2013 (as amended).