Exchange explains full suspension on in 7UP shares

The Nigerian Stock Exchange (NSE0 has given explanation on the full suspension status placed on trading on the shares of 7Up Bottling Company (SBC) Plc last Friday.

A statement signed titled: “7-Up Bottling Company Plc – Suspension of Trading in Shares “signed by Godstime Iwenekhai, Head, Listings Regulation Department and released by the NSE, disclosed that the suspension would pave way for eventual delisting from the official list of the Exchange.

“The suspension is for the purpose of determining the shareholders who will qualify to receive the Scheme consideration following the decision of the company’s majority shareholder, Affelka S.A (“Affelka”), to acquire all outstanding and issued shares of 7-Up Bottling Company Plc that are not currently owned by Affelka”

The exchange called on the attention of dealing members and the investing public to the development, “Dealing Members are hereby notified that trading in the shares of 7-Up Bottling Company Plc has been placed on full suspension on The Nigerian Stock Exchange (“The Exchange”) with effect from today, 12 January, 2018.”

Daily Times Nigeria recalls that shareholders of 7Up Bottling Company on Thursday 11th January, 2018, during a court ordered meeting, passed a resolution to the company’s new offer scheme, at the Court Ordered Meeting of the company held on Thursday, 11 January, 2018.

“The Scheme will result in the voluntarily delisting of 7-Up Bottling Company Plc from the Daily Official List of The Exchange,” the exchange further remarked.

Bonny Amadi