ASHAKA CEMENT BEGINS DELISTING

The process for delisting Ashaka Cement from the Nigeria stock exchange voluntarily has started in earnest after a formal approval at an extraordinary general meeting on December 19 held to kick start it.

In a public notice dated December 21 and signed by company secretary, Zainab Silas-Umaru, Ashaka cement asked present minority shareholders who want to exit before the delisting to do so through open sale at the market or through acceptance of LA Farge Africa offer of N2 cash per share plus 57 new shares of LA Farge for 202 Ashaka cement shares.

However, the LA Farge offer must be accepted between December 29 and March 17, 2017. It can only be accepted through duly completed consideration and acceptance form obtainable from the registrars of the company, Cardinalstone Registrars.

According to the notice, Ashaka cement is currently quoted at the stock exchange at N25 per share; that is almost N2 higher than 2015 closing net assets per share of N23.67.

This perhaps informed the extra N2 per share cash offered by LA Farge.

In the same 2015, Ashaka cement made a profit of N3209.2m from core revenue of N17414.9m leading to 123 kobo earnings per share after deduction of taxes.

The Registrars are expected to collate the list of holdings exiting before the final delisting by March 17 2017 and those who opt for the LA Farge offer will be paid by electronic transfer within 72 hours after the collation date.

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