NSE delists Cappa & D’Alberto, Avon Crowncaps to exit too

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The Nigerian Stock Exchange (NSE) has delisted Cappa & D’Alberto Plc from its Daily official list, following the application by the company for voluntary delisting from the exchange.

Shareholders had in 2009 passed resolutions regarding the delisting but it has been delayed due to some compliance issues.

However, the NSE said the delisting of Cappa and D’Alberto brought to closure the 69-month impasse regarding delisting.

The exchange advised shareholders of the company wishing to exit on account of its unlisted status may contact the company, which has undertaken not to unduly hinder such exits.

The NSE also advised exiting shareholders may consider exiting through the NASD over-the-counter (OTC) platform.

Meanwhile, another company, Avon Crowncaps & Containers (Nigeria) Plc is preparing to delist from the NSE.

Already, the majority shareholders of Avon Crowncaps, Wilko Corporation, a private company incorporated in Bahamas, has proposed to acquire the minority shareholding of Avon Crowncaps amounting to 141.158 million shares, representing 20.64 per cent.

The proposed acquisition of the company’s minority shareholding by Wilko is to be effected by way of a Scheme of Arrangement under Section 539 of the Companies & Allied Matters Act, Cap C20, Laws of the Federation of Nigeria, 2004 (CAMA).

However, the proposal shall be subject to the approval of the shareholders at an Extraordinary General Meeting to be convened by an order of the Federal High Court and the subsequent sanction of the court.

The cancellation of the scheme shares and issue of new Avon Crowncaps shares to Wilko will result in the delisting of Avon Crowncaps shares from the Daily Official List of The Exchange. But in consideration of the cancellation, holders of the shares shall receive N1.90 for each share given up. At the of the exercise, the company will thus become a wholly owned subsidiary of Wilko.

Alhough the NSE chief executive officer, Oscar Onyema has said in any exchange there is free entry and exit, shareholders have urged the exchange to also consider their interest before delisting companies.

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