Capital Hotel Plc has notified the Nigerian Exchange and the investing public of the plan to delist from the trading platform of the Nigerian Exchange.
In the explanatory note on the proposed voluntary delisting of the company from the Nigerian Exchange, Capital Hotel Plc is delisting 3,160,775,510 (Three Billion, One Hundred and Sixty Million, Seven Hundred and Seventy-Five Thousand and Five Hundred and Ten) ordinary shares listed on the Main Board of the Nigerian Exchange Limited.
The purpose of delisting is to enable the Company explore strategic opportunities, alliances and collaborations that can bolster earnings and/or provide synergized benefits with little or no regulatory obligations.
Shareholders who disapprove that the Company should delist, can indicate their resentment through the registrar for appropriate compensation.
The interest of dissenting shareholders shall be bought by the Majority Shareholder for a consideration of ₦5 (Five Naira) per each ordinary share, being the highest price at which the company shares have traded, six (6) months preceding the notice of the AGM at which the resolution to delist will be deliberated, as provided by the rules of the Nigerian Exchange Limited. The Financial Advisers and the Board, therefore consider this price fair and reasonable.
Following the conclusion of the delisting process, the company will become an Unlisted Public Liability Company (PLC). Shareholders that intend to remain members of the company after delisting shall be free to remain and would have no obligation to receive the Exit Consideration.
Upon the delisting, the shares of the Company will no longer be available for trading on the Main Board of the NGX. It is envisaged that the delisted Capital Hotels Plc will continue its operations, as an unlisted public liability company.