Up Bottling Company Plc
yesterday in Lagos, approved
the Scheme of Arrangement by
which the majority shareholder,
Affelka S.A. would acquire the
outstanding 26.8% shares of the
company. The shareholders
gave an overwhelming
approval at the Court-Ordered
Meeting that was convened
at the instance of the Federal
High Court.
The meeting was held at Eko
Hotel, Lagos. Affelka S.A. will
now increase its ownership
of the Company to 100% by
acquiring all the outstanding
and issued shares, previously
held by the minority
shareholders. In consideration
for the transfer of the shares,
a payment of N125.00 per
Scheme Share will be made to
each shareholder.
This payment represents
a 22.6% premium on the last
traded share price of Seven-up
on January 9, 2018 and a 27.6%
premium on the share price as
at close of August 9, 2017 being
the last business day prior to
the date the initial proposal was
received from Affelka. Chapel
Hill Denham Advisory Limited
acted as Financial Advisers and
Aelex Partners, Solicitors to the
Commenting at the meeting,
Mr. Faysal El-Khalil, O.O.N,
Chairman, Seven-Up Bottling
Company Plc, said: “We
believe that the Scheme will
create considerable benefits
and opportunities for all
stakeholders of Seven-Up
Bottling Company Plc. and
will serve to protect minority
Shareholders from a continuous
erosion of value. Furthermore
Seven-Up Bottling Company
Plc. is again assured of Affelka’s
long term commitment to the
Company and Nigeria.’’
Seven-Up bottling company
Plc is a leading independent
manufacturer and distributor
of the well-known and widely
consumed brands of soft drinks
in Nigeria. The Company’s
brands include Pepsi, 7UP,
Mirinda, Teem, Mountain Dew
and Aquafina premium water,
which it produces and markets
across the country.

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