Capital Hotels has opened an escrow account to pay off shareholders exiting the firm ahead of its delisting from the Nigerian capital market.
The firm confirmed the development in a statement issued on Monday by its secretary, Alex Ugwuanyi.
The hospitality company had requested a voluntary delisting from the stock market in a bid to minimize costs and stay competitive in the industry.
Capital Hotels had offered to pay off minority shareholders N5 per share in the arrangement.
The amount was the highest price the company’s share attained in the last six months preceding the date of the Annual General Meeting (AGM) where the resolution to delist from the capital market was passed in line with Nigerian Exchange Limited (NGX) guidelines.
READ ALSO: Capital Hotels renames Sheraton Abuja after management faceoff
Capital Hotels said it has opened an escrow account with CardinalStone Registrars Limited and provided sufficient funds to shareholders who had accepted the Exit Consideration of N5 per share as of August 17.
“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,” it added.
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