The Nigerian Exchange Limited has halted trading on Glaxo SmithKline Consumer Nigeria Plc’s shares in anticipation of its eventual delisting from the Exchange.
The Times reported that this information was contained in the Exchange’s weekly report.
The suspension came after the Securities and Exchange Commission approved the Glaxo SmithKline Consumer Nigeria Plc Scheme of Arrangement between the corporation and holders of its fully paid ordinary shares, and the Federal High Court sanctioned it.
According to the report, “Trading License Holders are hereby notified that, following the Securities and Exchange Commission’s approval of the Scheme of Arrangement Glaxo SmithKline Consumer Nigeria Plc, between Glaxo SmithKline Consumer Nigeria Plc and holders of its fully paid ordinary shares and the Federal High Court’s sanctioning of the Scheme of Arrangement, trading in the Company’s Shares was suspended on the Nigerian Exchange Limited on Monday, 22 January 2024.”
“The suspension was to prevent further trading on the Company’s shares given that the effective date of the scheme of arrangement was Friday, 19 January 2024, the day the Court Sanction was filed with the Corporate Affairs Commission, and to enable the Registrars to update the register of members for payment of the Scheme consideration and eventual delisting of the Company from the NGX.”
Recall that the Board of GlaxoSmithKline Consumer Nigeria Plc recently announced that the Company has acquired formal permission from the Securities and Exchange Commission for its plan of arrangement, which will result in delisting from the Nigerian Exchange Limited.
The approval follows a Court Ordered Meeting held on December 5, 2023, at which GlaxoSmithKline Consumer Nigeria Plc shareholders accepted the proposed Scheme of Arrangement.
This was stated in the company’s Notice to the NGX and the Investing Public.
The business, in a statement signed by the business Secretary, Frederick Ichekwai, also announced that a Federal High Court decision sanctioning the Scheme of Arrangement had been acquired.
The proposed scheme of arrangement, among other things, states that all of the company’s outstanding shares will be cancelled, and all current shareholders, with the exception of GSK UK, will be settled at a premium of N17.42 for each share they own.
