UACN Property to Undergo Mandatory Takeover as Custodian Eyes Minority Stake

UACN Property to Undergo Mandatory Takeover as Custodian Eyes Minority Stake

- The Securities and Exchange Commission has given Custodian investment authority to effect mandatory takeover at UPDC

- Custodian Investment will acquire 34.41 million shares with the mandatory takeover by May ending

- The acquisition of shares is estimated to cost the investment company N30.79 million

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Custodian Investment has made move to acquire shares of minority holders in UACN Property Development Company Plc (UPDC). A statement showed that the firm has received regulatory approval.

Custodian Investment was authorised to make a takeover bid which is termed mandatory by the Securities and Exchange Commission. The acquisition is estimated to cost about N30.79 million.

The investment company will offer N0.90kobo for a share in the transaction which will see Custodian acquire 34.41 million shares. The mandatory takeover will begin on May 30, which is when Custodian will make its offer.

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Acquisition process will end on July 2, 2021 according to a statement from Custodian Investment, and seen by In the company's words, it was stated that:

"Following the approval of the Securities and Exchange Commission via the Commission's letter dated May 18, 2021, Custodian Investment Plc, has been authorized to proceed with a Mandatory Takeover (MT O) Offer
UACN Property to Undergo Mandatory Takeover as Custodian Eyes Minority Stake
UACN Property Company and Custodian Investment. Photo: @Jarushub (R) and @Custodianinvestment (L)
Source: Twitter
"to be made to Minority Shareholders of UACN Property Development Company Plc (UP DC) for the purchase cf up to 34,415,332 (Thirty-Four Million, Four Hundred and Fifteen Thousand, Three Hundred and Thirty-Two) Ordinary shares of 50 kobo each, at a price of 90 Kobo per share.
"The Qualification date for the Offer will be May 1 4, 2021, and Shareholders whose names appear on the Register of Members as at the date, other than U AC of Nigeria Plc and Custodian Investment Plc are eligible to participate. The Offer is expected to open on May 31 , 2021 and close on July 2, 2021." The statement reads.

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Meanwhile, had earlier reported that Nigerian startup, Mono, raised $2 million in a seed round which got participation of five investors. The fundraising follows two others.

The financial startup had in September last year, raised $500,000, before adding $125,000 two months later. With the recent fundraising, it means Mono has secured a total $2.62 million since it started operation last year.

The five investors that took part in this latest investment round are Entrée Capital, TCVP's Gbenga Oyebode, VC Lateral Capital, Verod Capital co-founder, Eric Idiahi, and Babs Ogundeyi, Kuda’s co-founder and chief executive officer.


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