August 31, 2023.Thank you for reading this post, don't forget to subscribe!
Dangote Sugar Refinery (DSR) has disclosed that it has agreed to the terms and conditions of the merger of the company with NASCON Allied Industries Plc. and Dangote Rice Limited (DRL).
In a statement released on Wednesday, Dangote Sugar said the scheme of arrangement offers NASCON and DRL shareholders 12 shares of 50 kobo each in DSR for 11 ordinary shares of 50 Kobo each held in NASCON.
Also, they will be offered 14 ordinary shares of 50 Kobo each in Dangote Sugar for every ordinary share of N1.00 Kobo each in Dangote Rice.
The agreed terms and conditions of the merger will be submitted to the Securities and Exchange Commission (SEC) and subsequently the company’s shareholders at the Court-Ordered Meeting.
“Dangote Sugar Refinery Plc (the “DSR or Company”) hereby notifies the Nigerian Exchange Limited and the investing public that further to its announcement of July 31, 2023, the Merging Entities have agreed the terms and conditions of the Merger of the Company with NASCON Allied Industries Plc. (“NASCON”) and Dangote Rice Limited (“DRL”) which is an internal restructuring to be executed through a Scheme of Merger (“Scheme”), under Section 711 of the Companies & Allied Matters Act, 2020 (as amended) and other applicable rules and regulations.
“The consideration that will be offered to shareholders of NASCON and DRL is as follows: Scheme Consideration
“Eleven (11) ordinary shares of 50 Kobo each in DSR, credited as fully paid-up shares, for every Twelve (12) NASCON shares of 50 Kobo each, which totals 2,428,651,847 new ordinary shares of DSR;
“and Fourteen (14) ordinary shares of 50 Kobo each in DSR, credited as fully paid-up shares, for every One (1) ordinary shares of N1.00 Kobo each in DRL share, which totals 2,775,792,508 new ordinary shares of DSR.
“The Terms and Conditions of the Merger as agreed by the parties will be presented to the Securities and Exchange Commission (SEC) and subsequently the Company’s shareholders at the Court-Ordered Meeting,” Dangote Sugar wrote.
Dangote Sugar also advised its shareholders to exercise caution when dealing with the shares of the company until a further announcement is made.(www.naija247news.com).