PZ Cussons (Holdings) UK set out on 4 September 2023 to purchase other stockholders' shares numbering 1.06 billion at N21 per unit.
PZ Cussons UK set out on 4 September 2023 to purchase other stockholders' shares numbering 1.06 billion at N21 per unit.Nigeria to core investors from Britain hit a brick wall midway after the Nigerian capital market watchdog sought clarification on some irregularities in the PZ board's request for approval, sources familiar with the matter told PREMIUM TIMES.
CEO Dimitris Kostianis' biggest assignment since taking the helm at the company last June was arguably to deliver the deal to acquire minority shareholders' stakes in the entity for PZ Cussons Limited UK, the core investor whose interest he represents on the directors' board. "The offer price of ₦23 represents a premium of 35% to the Company's share price of ₦17 on 17 August 2023, being the last traded price prior to the offer date," PZ Cussons Nigeria said in a regulatory note.
The Wednesday closing price was 73.9 per cent higher than the N23 PZ Cussons UK tabled as its reviewed offer, making the offer considerably unattractive for investors, who often want theinto the red in the six months to last November after reporting a record foreign exchange loss of N52.4 billion, twenty times higher than a year ago, causing its liabilities to surpass its assets.
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