An advisory services firm with indirect relationship with the Group Managing Director of UAC of Nigeria (UACN), Mr Folasope Aiyesimoju, has acquired about 1.9 per cent equity stake in the conglomerate in insider share dealing valued at about N312.97 million.
AM & P Advisory Services, which has an indirect relationship with Aiyesimoju, in many transactions through the Nigerian Stock Exchange (NSE), acquired a total of 55.1 million ordinary shares of UACN at an average price of N5.68 per share. This represents 1.9 per cent equity stake in the conglomerate.
Aiyesimoju’s company, Themis Capital Management, had earlier this year acquired more shares in the conglomerate in a transaction that strengthened Themis Capital Management’s position as the largest single shareholder of the widely owned 141-year-old conglomerate.
Transaction reports had indicated that Themis Capital Management acquired about 0.5 per cent new equity stake in UACN in several deals involving 14.28 million ordinary shares of 50 kobo each valued at an average price of N10. The shares, valued at N142.8 million, were also acquired through the NSE.
Aiyesimoju is the founder of Themis Capital Management, an investment firm focused on concentrating capital and talent on high-potential opportunities in Sub-Saharan Africa. Aiyesimoju assumed position as UACN’s GMD on April 1, 2019.
Themis Capital Management and two others- Stanbic IBTC Nominees and Blakeney GP 111 Ltd had in 2017 emerged as the three major shareholders in UACN with more than five per cent equity stake. Prior to this, Stanbic Nominees Nigeria was the only shareholder with more than five per cent equity stake.
The 2017 post-recapitalisation filing had indicated that Themis Capital Management had the largest equity stake of about 8.06 per cent. Stanbic IBTC Nominees had 7.8 per cent while Blakeney GP 111 Limited had 5.8 per cent.
Blakeney LLP recently sold its equity stake in deals valued at N973.52 million. A breakdown of the divestment transactions showed that Blakeney had in April 2020 sold 10 million ordinary shares of 50 kobo worth N62.02 million. It continued in May 2020 with sale of 25 million shares worth N171.5 million. It closed first half with the sale of 40 million ordinary shares of 50 kobo each worth N280 million in June 2020. It recently closed many deals for the sale of 80 million shares worth N460 million.
Nigeria’s oldest surviving business, UACN started business in Nigeria in 1879, well ahead of the 1914 amalgamation that created the current Nigerian nation. With 10 subsidiaries in key sectors of the Nigerian economy, the UACN Group consists of several active companies spreading through manufacturing, services, logistics and real estate sectors of the Nigerian economy. These include four quoted subsidiaries – CAP Plc, UACN Property Development Company (UPDC) Plc, Livestock Feeds and Portland Paints and Products Nigeria Plc; in addition to the parent company, UACN, which was listed in 1974. UPDC Real Estate Investment Trust, which is also quoted on the NSE, is a subsidiary of UPDC.
UACN acquired Livestock Feeds and Portland Paints in 2013. Other members of the group included UAC Foods Limited, UAC Restaurants Limited, MDS Logistics Plc, Warm Spring Waters Nigeria Limited, Grand Cereals Limited, and Unico CPFA Limited.