Courtville to delist, as majority investor triggers mandatory takeover

Courtville Business Solutions Plc has received approval from the Securities and Exchange Commission (SEC) to delist from the Nigerian Exchange Limited (NGX).

In a document obtained by Ripples Nigeria on Thursday and sent to the shareholders of the company, Courtville said its majority investor, BOWS Nigeria Limited, wants to buy out the firm’s minority shareholders.

BOWS, which owns 67.01 per cent of Courtville, has triggered a mandatory takeover bid (MTO) to acquire 32.99 per cent held by the other shareholders of Courtville. This will hand BOWS stake 100 per cent of Courtville.

The document signed by the company secretary, Jackson Etti & Edu, disclosed that BOWS offered N0.48 kobo per ordinary share.

Ripples Nigeria gathered that the tender offer opened on February 22, 2023, and will close on March 22, 2023. The mandatory takeover bid has now been approved by the capital market authority.

Read also:NGX: Market cap down by -0.05% as investors lose N17.7bn in five hours

The document reads: “You will recall that a special resolution approving the delisting of the securities of the Company was passed by the Shareholders at the 17th Annual General Meeting of Courteville Business Solutions Plc (the Company) held on 26th July 2022.

“The investing public and the Nigeria Exchange Limited are hereby informed that BOWS Nigeria Limited, a Shareholder which holds 67.01% of the issued share capital of the Company, made proposal to buy the 32.99% held by the other shareholders of the Company through a Mandatory Takeover Bid (MTO) to the Securities and Exchange Commission (SEC), and the Mandatory Takeover Bid has been registered with SEC as SIS/M&A/TBR/CBS/000824 in the Commission’s record.

“BOWS Nigeria Limited has obtained SEC’s approval to launch the Mandatory Takeover and same is priced at 0.48k per ordinary share net of any applicable tax. The tender offer will open on the 22nd of February 2023 and close on 22nd March 2023.”

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