Preline Limited acquires 60.98% stake in Eterna Plc at yet to be disclosed amount

Preline Limited has acquired 794,969,774 shares of Eterna Plc, representing 60.98percent in the Company.

Lenux Integrated Resources Limited, Global Energy & Raw Materials Limited, Meristem Wealth Management Limited, Radix Capital Partners Limited, GASL Nominee Limited, GTI Capital Limited and Cardinalstone Partners Limited were substantial shareholders who executed the Sale and Purchase Agreement (SPA) that has now enabled Preline Limited become majority shareholder in Eterna Plc.

Though the price at which they executed the transaction was noted stated in a notice at the Nigerian Exchange Limited (NGX) signed by Bunmi Agagu, Company Secretary/ Legal Adviser, Eterna Plc.

The share price of Eterna Plc on the Nigerian Exchange was N6.2kobo as at August 24, far above its 52 week low of N2.04 but nearing its 52-week high of N8.15kobo.

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The company noted that a formal application with further details will be filed with the Securities and Exchange Commission (SEC) for an “authority to proceed” with the transaction by the transacting parties. “This notification is in fulfilment of our obligation to report such matters and we will continue to do so in line with Regulatory guidelines”, Eterna said.

The Board had reviewed the request for due diligence and approved same at its meeting held on December 21, 2020.

“We refer to Eterna Plc’s public statement dated 21st December 2020 in which we notified our Shareholders, The Nigerian Exchange Limited and the general public that some of our substantial shareholders (Shareholders) have formally informed the Board of Eterna Plc that they are in negotiations to sell equity holdings in the Company to a ‘New Investor’”, Eterna Plc noted.