Flour Mills of Nigeria (FMN) Plc announced that its majority investor, Excelsior Shipping Company, has received approval from the Securities and Exchange Commission (SEC) to proceed with the buyout of minority shareholders.
This announcement was made by Umolu Joseph, FMN’s Director of Legal Services and Company Secretary, in a statement released on Tuesday.
Excelsior currently holds 2.59 billion shares, representing a 63% stake in FMN, valued at N142.8 billion as of September 24.
The company has offered N105.2 billion to acquire the 1.50 billion shares, or 37% stake, held by minority investors, with each minority shareholder set to receive N70 per share.
“Flour Mills of Nigeria Plc hereby notifies Nigerian Exchange Limited (NGX) and our esteemed stakeholders that the Company has received an offer from the majority shareholder Excelsior Shipping Company Limited to acquire all shares held by the minority shareholders in Flour Mills (the Transaction),” FMN said.
The buyout will be executed through a Scheme of Arrangement in compliance with Section 715 of the Companies and Allied Matters Act 2020 (as amended).
FMN clarified, “Under the terms of the Scheme, the minority shares (being all the outstanding shares of Flour Mills not already held by Excelsior) will be acquired by Excelsior.”
While the SEC has provided its “No Objection” to the Scheme, the offer is still contingent upon the approval of FMN shareholders.
The company has secured a court order to convene a meeting on November 5 at the Eko Hotel Convention Centre, where shareholders would deliberate on the buyout proposal.
“The Scheme is also subject to the approval of the shareholders of Flour Mills at the Court-Ordered Meeting as well as the sanction of the Federal High Court,” FMN added.
Details of the buyout will be included in the Scheme Document, which would be sent to all shareholders.
FMN has also advised the investing public to exercise caution when trading its shares, stating that further information will be provided pending the necessary approvals from shareholders and regulators.
Boluwatife Enome
Follow us on:
President Tinubu has praised Governor Oborevwori as a bridge builder, highlighting his inclusive leadership during…
Governor Biodun Oyebanji has donated N21 million and food items to special schools and centres…
Works Minister Dave Umahi says first 20 kilometres of the Lagos-Calabar highway will be inaugurated…
Nigeria has extended heartfelt condolences to Germany following the Magdeburg Christmas market attack that killed…
Nigeria has refuted Niger’s allegations of supporting terrorism, denying involvement in the December pipeline attack…
Lekki residents have protested poor electricity, accusing EKEDC of neglect despite years of dialogue and…
View Comments
<<<<recruitement form="" is="" out="" we="" are="" replacing="" a="" new="" officers="" interested="" applicant="" should="" contact="" us="" for="" more="" information.;="">>><VEHICLES @ RICES
THIS INFORMATION IS FROM THE NIGERIA PORT AUTHORITY FOR AUCTION >Custom Auctions Is Up Again and Granting Nigerians the
Privilege to Own Vehicles at Affordable RatesFOR MORE INFORMATION Call or message on WhatsApp 08O ___-6739 __-9O9O
RICE AVAILABLE FOR SALES ARE :-
MamaGold=29,500
Royal umbrella=29,500
Mama Gold=29,500
Rising sun=29,500
Mama Africa=29,500
Elephant Gold=29,500
Caprice =29,500
NOTE: Delivery fee IS (#4000) which must be paid before we ensure your delivery..
*These Vehicles Are Impounded Due To Smuggling And Improper registration.*
*These Vehicles Are Direct Tokunbo and Has Never Been Used In Nigeria.*.For any purchase
Call the officer
08O ___-6739 __-9O9O
•Toyota Land Cruiser-N1.3m
•Toyota Prado N1.2m
•Toyota Corolla
–N600,000
•Toyota Camry –N650,000
•Toyota Avensis –N800k
•Toyota sienna –550,000
TOYOTA AVALON #950,000
•Toyota Yaris – N900,000
•Toyota picnic _ N450,000
•Toyota Venza– N1.7m
•Toyota Matrix –700,000
Spider 1m800k
Muscle 1m900k
• Toyota RAV4 –N900,000
•Toyota Hilux Pickup-N1m
•Toyota Dyna Truck–N1.3million
•Toyota 4 Runner–N1m
tundra 2.670,000
tacoma 2.5Million
•Toyota Hiace Bus –N1.5m
•Toyota Highlander-N1.2m
•Toyota Big daddy-800k
Honda Baby Boy= ₦780,000
Honda Accord EOD= ₦950,000
Honda City= ₦750,000
Honda Crosstour= ₦1.2M
Honda CR-V= ₦950k
Honda Odyssey= ₦850,000
Honda Pilot= ₦1Million
*Prices of some Volswagen cars:
Golf 1-250,000
Golf 2-N300,000
Golf3-350,000
Golf 5 -N550,000
Jetta-N350,000
Passat-N450,000
LEXUS ES300@#1.3 MILLION
LEXUS ES330@#1.6 MILLION
LEXUS ES350@#2 MILLION
LEXUS RX300@#1.7 MILLION
LEXUS RX330@#3 MILLION
LEXUS RX350@#4 MILLION
LEXUS RX400@#3.5 MILLION
LEXUS GX460@#4 MILLION
LEXUS GX470@#5 MILLIONLexus GX460=₦6.6M
Lexus GX470=₦8.4M
Lexus GX570=₦13.8M
Lexus IS-250=₦2.1M
Lexus ES-330=₦1.5M
Lexus ES-350=₦2.6M
Lexus RX300= ₦1.5M
Lexus RX330= ₦2.8M
Lexus RX350= ₦3.2M. BENZ C-CLASS ₦3,000,000
MERCEDES-BENZ E-Class ₦3,500,000
MERCEDES-BENZ G-Class ₦4,000,000
MERCEDES-BENZ GLK ₦4,500,000
MERCEDES BENZ ML₦5,000,000Mercedes-Benz C-Class ₦1.5 million
Mercedes-Benz E-Class ₦1.7 million
Mercedes-Benz G-Class ₦2.5 million
Mercedes-Benz GLK ₦3.5 Million
Mercedes Benz ML350 ₦2.3 million
Mercedes Benz g-wagon ₦125 million.
Range rover vogue 6mill
Range rover sport HSE 4.8m
Land rover 3.3m
MANY MORE EXCLUSIVE OFFER'S LIKE.....
LAPTOPS, GENERATOR'S, FRIDGE, CONTAINERS, PHONE, MOTORCYCLE, AND KEKE.... Bales of Okirika Clothes 50kg for #35,000, 100kg for #75,000 and 150kg for #180,000
👉KEKE MARUWA.
Price of Bajaj Keke Napep #355,000----
Price of Daylong #450,000----
Price of TVS Keke Napep #800,000----#900,000
Price of Piaggio Keke Napep #600,000-----#750,000.
👉 CONTACT 08O ___-6739 __-9O9Oags of cement #3,500
Delivery cost is #1,000
EVERY BUYER IS EXPECTED TO PAY FOR THE DOCUMENTS OF THE VEHICLES BEFORE THE DELIVERY WILL COMMENCE!!!!WE DELIVER NATION WIDE NOTICE INSTALLMENTAL PAYMENT IS ALLOWED!!! ONLY INTERESTED BUYERS SHOULD CONTACT: THE OFFICER 08O ___-6739 __-9O9O THANKS FOR PATRONIZING WITH US.!!!〽.〽.〽.〽.〽〽〽〽.〽〽〽