7up Bottling bargains with N125 per share in new scheme

…Update on proposed acquisition
7Up Bottling Company (SBC) Nigeria Plc, with a ongoing voluntary delisting application on Wednesday, January 10th, 2018, announced update on its proposed acquisition leading to its voluntary delisting from the Nigerian Stock Exchange (NSE).

This was coming as the company is billed to hold its court ordered meeting on the scheme offer on Thursday, 11th January, 2018, where shareholders are expected vote either in support or against the scheme offer.

In a statement signed by Samuel Uboh, of equity services Limited, the Company Secretary, said that 7UP bottling company hereby notifies the NSE that Affleka S.A, the majority shareholders of SBC, who is proposing to acquire all the outstanding and issued shares of the SBC that are currently owned by Affleka has today advised the company that the scheme’s consideration has been revised upwards to N125 per share.

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According to the company, the proposed scheme consideration represents 22.6 per cent premium to the last traded share of the company on January 09 2018 and a 27. 6 premium to the price on August 10th 2017, which was the last business day prior to the date the initial proposal was received from Affleka.

The reversed scheme of offer, the company said “would be voted on at the court ordered meeting scheduled for Thursday 11th January 2018.

TRANSCORP with 8.20 per cent gain, still emerged as the day’s most actively traded stock with 185million units of shares worth N365million transacted by investors.

The sector performances showed that the NSE Banking Index appreciated by 5.33 per cent, on the gains recorded by Diamond bank 9.95 per cent, ZENITHBANK’s 6.73 per cent, GTB’s 5.05 per cent gain, and UBA 4.60 per cent appreciation.

NSE Industrial Index grew by 3.88 per cent on account of DANGCEM‘s 4.00% growth, WAPCO’s 4.00 per cent gain and CCNN 4.99%.

NSE Oil and Gas Index ended upbeat largely driven by the gains in CONOIL 10.23per cent, ETERNA 10.17% and FO +1.73%. While the NSE Consumer Goods Index also closed higher by 2.43% on the back of the gains in NB gained 4.29%, DANGFLOUR added 3.90%, while CADBURY appreciated by 1.37%.

Bonny Amadi