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UPDC urges shareholders to seek expert advice amid Custodian takeover bid



UACN Property declares loss for the fourth straight year, posts N16.3bn loss in 2019

UACN Property Development Company (UPDC) has advised its shareholders to seek independent professional body before accepting the offer of the core investor, Custodian investment.

Custodian had effected a mandatory takeover bid for the minority stake in UPDC, with hope of acquiring 34,415,332 ordinary shares at 0.90 per share.

The investment company currently holds 51 percent stake in UPDC, but wants to increase its control win the property firm.

In a statement seen by Ripples Nigeria, the UPDC board said the offer is fair and would profit the shareholders.

READ ALSO: Custodian Investment to takeover UACN Property shares, as shareholders lose N900m

The statement read: “The Board of Directors of UPDC considers the terms of the offer to be fair and reasonable and that it presents a great opportunity for shareholders to realize liquidity at an attractive valuation.”

However, shareholders were advised to make their financial and investment decision based on personal decision and advice from independent professional.

It added: “The Board recommends the offer to the shareholders. But the extent to which shareholders participate in the offer is a matter for each shareholder to decide individually and will be influenced by their own individual financial and investment objectives.

“Shareholders should seek independent professional advice for guidance as to whether to transfer their shares pursuant to the offer or not.”

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