At the Court Ordered Meeting of the shareholders of PCMN held on Thursday, 15 February 2018 at the Lagos Chamber of Commerce & Industry, Alausa, Ikeja, Lagos; the following Resolutions (amongst others) were unanimously passed:
1. That for the purpose of giving effect to the Scheme in its original form or with (or subject to) such modification, addition and condition agreed between the Company and the entire holders of its fully paid ordinary shares and/or approved or imposed by the Court or any regulatory authority:
a. The holders of the Scheme Shares be allotted the appropriate number of shares of Paintcom Investment Nigeria Limited (as specified in the Scheme) or be paid a cash consideration of N1.15 per Scheme Share for the surrender and cancellation of the said Scheme Shares.
2. That conditionally upon the Scheme becoming effective, the ordinary shares of the Company be de-listed from the Daily Official List of The Nigerian Stock Exchange.
In the light of the above, the company will like to inform the investing public to trade cautiously on the shares of the Paints & Coatings Manufacturer Nigeria Plc. as the shareholders have agreed to a Scheme Arrangement that would result to the delisting of the Company from the daily official list of the Nigerian Stock Exchange.
The market shall be duly informed upon the completion of the scheme.