Eterna Plc.’s Largest Shareholder Offers to Buy Minority Interest

Eterna Plc.’s Largest Shareholder Offers to Buy Minority Interest

Eterna Plc has announced a decision by its single largest shareholder’s mandatory takeover offer to its non-controlling interest or minority shareholders, its latest filing with the regulators says.

Non-controlling interests that accept the offer will receive a cash consideration of N13.50 per ordinary share tendered and purchased by Preline during the acceptance period, according to a document reviewed by MarketForces Africa.

Recall that Preline limited, acquired 794,969,774 ordinary shares in Eterna Plc, representing a 60.98% equity stake, from Eterna Plc, on October 29, 2021.

The bulk purchase of the oil company’s shares after the company obtained required regulatory approvals from the Securities and Exchange Commission, the Nigerian Exchange Limited and the Federal Competition and Consumer Protection Commission.

On Tuesday, the largest shareholder in Eternal makes an offer to acquire 1,300,000 ordinary shares representing 0.10% of the issued and paid-up capital of Eterna. 

Preline Limited currently owns 794,969,774 ordinary shares of 50 kobo each, representing 60.98% of the total issued and paid-up capital of Eterna Plc. READ: ETERNA Plc.’s Weak Crude lifting Plunged Revenue to 5-Year Low

The statement said the mandatory offer is to enable Preline to comply with regulatory rules, following its acquisition of a 60.98% equity stake in the oil company.

According to the regulatory filing, Eterna shareholders may only accept this offer by completing and executing the Acceptance form -included in the Mandatory Takeover bid document- and delivering the same to the Registrar, Cordros Registrars Limited within the acceptance period. # Eterna Plc.’s Largest Shareholder Offers to Buy Minority Interest