AshakaCem Shareholders Endorse Delisting From NSE

Shareholders of AshakaCem Plc approved the Voluntary Delisting of the Company from the Nigerian Stock Exchange, NSE, as recommended by the Directors.

They gave the nod of approval at an Extra-Ordinary General Meeting of the manufacturing company, held earlier in the week.

The Board of AshakaCem approved the initiation of the process for the Voluntary Delisting of AshakaCem in accordance with the rules of the NSE on November 16, 2016.

Through the Voluntary Delisting of AshakaCem, the Directors of the Company will be exercising a regulatory provision that will shield the Company from any enforcement action that the Exchange may effect, for example by way of a Regulatory Delisting in light of the outstanding Free Float deficiency.

Furthermore, through the Voluntary Delisting process, the Company will be providing an Exit Opportunity to minority shareholders who do not wish to remain in an unlisted company.

The Exit Consideration provides all shareholders the opportunity to benefit from the more diversified earnings of Lafarge Africa Plc, Invest Advocate reports.

Shareholders that elect to accept the Exit Consideration must submit their duly completed Consideration Election and Acceptance Form (‘’the Form’’) to the offices of the Registrar: CardinalStone Registrars Limited, 358 Herbert Macaulay Road, Yaba, Lagos.

Shareholders may elect to forward the Form by registered post or courier (at their own risk and cost), clearly marking the envelope “AshakaCem Plc Delisting Offer”. Under no circumstances should the Form be despatched to the Company.

The consideration accruing to shareholders of AshakaCem that elect to accept the Exit Consideration will be computed on March 17, 2017 (‘’the Collation Date’’) once the Registrars collate all the Forms received.

The cash consideration will be settled by way of electronic transfer to the respective bank accounts of Shareholders within 72 hours of the Collation Date.