By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Avon Crowncaps & Containers (Nigeria) Plc has said Bahamian firm, Wilko Corporation has proposed to acquire the entire minority shareholding of Avon Crowncaps, amounting to 141,158,205 ordinary shares of 50 kobo each representing 20.64 percent of the company’s issued share capital, according to Avon Crowncaps in a notice to the Nigerian Stock Exchange (NSE).

The firm said the proposed acquisition of Avon Crowncaps  minority shareholding by Wilko is to be effected by way of a Scheme of Arrangement (Scheme) under Section 539 of the Companies & Allied Matters Act, Cap C20, Laws of the Federation of Nigeria, 2004 (CAMA).

“The proposed Scheme shall be subject to the approval of the shareholders at an Extraordinary General Meeting to be convened by an order of the Federal High Court  and the subsequent sanction of the court,2” the company affirmed.

Avon Crowncaps said the cancellation of the Scheme shares and issue of new Avon Crowncaps shares to Wilko will result in the delisting of Avon Crowncaps shares from the Daily Official List (DOL) of the NSE.  “In consideration of the cancellation, Holders of the Scheme Shares shall receive N1.90 for each Share given up. The company will thus become a wholly owned subsidiary of Wilko,” the company said.