NGX delists GlaxoSmithKline Consumer Nigeria Plc from daily official list

2024-02-10 08:04:30

Nairametrics

The Nigerian Exchange Limited (NGX) has delisted the shares of GlaxoSmithKline Consumer Nigeria (GSK) Plc from its Daily Official List of NGX.

This was contained in the Exchange's Weekly Report seen by Nairametrics.

The delisting follows the NGX's approval of the Company's application to delist its entire issued share capital.

The statement reads:

The NGX had suspended trading on the shares of Glaxo SmithKline Consumer Nigeria (GSK) Plc for eventual delisting from the Exchange.

The suspension followed the approval of the Scheme of Arrangement Glaxo SmithKline Consumer Nigeria Plc between the company and holders of its fully paid ordinary shares by the Securities and Exchange Commission and the sanctioning of the Scheme of Arrangement by the Federal High Court.

According to the report, the suspension was to enable the Registrars to update the register of members for payment of the Scheme consideration and eventual delisting of the Company from the NGX.

The report reads:

Nairametrics reported recently that the Board of GlaxoSmithKline Consumer Nigeria Plc (GSK) announced that the Company has received the Securities and Exchange Commission's formal approval of its scheme of arrangement which will result in delisting from the Nigerian Exchange Limited (NGX).

The approval follows the Court Ordered Meeting held on December 5, 2023 - at which the shareholders of GlaxoSmithKline Consumer Nigeria Plc approved the proposed Scheme of Arrangement.

This was contained in the company's Notice to the NGX and investing Public seen by Nairametrics.

The company in a statement signed by Frederick Ichekwai, the Company Secretary also disclosed that the order of the Federal High Court sanctioning the Scheme of arrangement has also been obtained.

Shareholders of GlaxoSmithKline Consumer Nigeria Plc had approved the payment of N17.42 for every share held by its shareholders as part of the Scheme of Arrangement for the dissolution of the company.

The shareholders at the Court-Ordered Meeting of GlaxoSmithKline Consumer Nigeria Plc also among other things endorsed the delisting from the Daily Official List of the Nigerian Exchange Limited upon the Scheme becoming effective.

GlaxoSmithKline, the UK-based pharmaceutical giant earlier announced on August 3, 2023, that it would be leaving Nigeria and shutting down its Nigerian subsidiary, GlaxoSmithKline Consumer Nigeria Plc, subject to approval from the regulatory authorities.

According to the statement signed by the company secretary, Frederick Ichekwai, the company has received a "No Objection" from the Securities and Exchange Commission to propose a Scheme of Arrangement for its shareholders.

The proposed scheme of arrangement among other things notes that all the company's outstanding shares will be cancelled and all its existing shareholders except GSK UK will be settled at a premium of N17.42 for every share they hold.

2024-02-10 News