Glaxo SmithKline Consumer Nigeria Plc’s minority shareholders have decided that, upon the company’s final delisting from the Nigerian Exchange Limited, their shares should be purchased at a rate of N17.42 per unit.
The Punch reported that the shareholders of the court-ordered meeting between the parties to the Scheme of Arrangement approved the share buyback rate among other resolutions, according to a corporate notice filed by GSK on the NGX on Friday.
The multinational company GSK’s Nigerian subsidiary announced earlier this year that it intended to cease operations in the country and switch to a third-party distribution model for its pharmaceuticals and consumer healthcare products. The statement was signed by the company secretary, Frederick Ichekwai.
The November 6, 2023, Scheme of Arrangement and the increase in the company’s distributable reserves to N2 billion as a result of GSK’s capital contribution of a portion of its trade debts were approved at the court-ordered meeting on Tuesday.
Part of the meeting resolutions stated, “The shareholders of the company be paid N17.42 per share for every share held in the company within 10 business days of the effective date, except Setfirst Limited and SmithKline Beecham Limited, who have notified the company that they have elected not to receive their portion of the initial cash distribution and, instead, to contribute their share of it.”
The company’s shares would be removed from the NGX Daily Official List as soon as the shareholders were paid.
The regulatory authorities had not objected to the multinational’s proposed Scheme of Arrangement.
Currently, GSK UK owns approximately 555,081,925 shares (or 46.42 percent) in GSK Nigeria via Setfirst Limited and SmithKline Beecham Limited, which are its proxies.
