Hospitality firm, Capital Hotels Plc has notified the investing public of its proposed voluntarily delisting from the Nigerian Exchange (NGX).
In a statement available on the website of the Nigerian Exchange, the Company stated, “Further to the application made to The Exchange by Capital Hotels Plc (“the Company”) on the Voluntary Delisting of the Company from The Exchange as recommended by the Board of Directors (the “Board”), the Exchange approved the delisting application subject to Capital Hotels Plc’s evidence of opening an escrow account in the Registrar’s name and evidence that shareholders who have accepted to exit have been paid."
The company said it has opened an escrow account with CardinalStone Registrars Limited and provided sufficient funds to shareholders, who as of August 17, 2023, have accepted the Exit Consideration of N5 per share (“Exit Consideration”) which is more than the highest price at which Capital Hotels Plc traded in the last 6 months preceding the date of the Annual General Meeting (AGM) where the Resolution to delist was passed in line with NGX guidelines”.
Escrow Account and Procedure for Settlement
The consideration accruing to shareholders of Capital Hotels Plc that elect to accept the Exit Consideration has been computed as of August 17, 2023 (“the Collation Date”).
The cash consideration will be settled by way of electronic transfer to the respective bank accounts of Shareholders.
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