Business
Acquisition of minority ownership of PZCN Plc
Acquisition of minority ownership of PZCN Plc.
About this update from Pz Cussons Plc
[{"type":"text","content":"\n\n\n \n05 September 2023\n \nAcquisition of minority ownership of PZ Cussons Nigeria Plc and de-listing\n \nPZ Cussons (\"PZ Cussons\" or \"the Group\") today confirms that it has made an offer to acquire the minority-held shares of PZ Cussons Nigeria Plc (\"PZCN\"). Following this acquisition the Group intends to de-list the business from the Nigerian stock exchange. The Group believes the transaction will significantly simplify and strengthen its business in Nigeria, putting in place a sustainable structure and platform to maximise long-term growth and value.\n \nThe Group has made the offer to the Board of PZCN to acquire the 26.73% of issued share capital held by minority shareholders at a value of ₦21 per share, subject to prevailing market conditions, equivalent to a total cash consideration payable of £22.8 million1. Funding for the transaction is expected to come from existing Naira cash balances. \n \nThe Group believes the offer to be attractive for the minority shareholders of PZCN, particularly given the recent macroeconomic developments and foreign exchange challenges. It is also confident that the offer is in the interests of Group investors, as part of the focus to deliver against its strategy and create sustainable shareholder value.\n \nThe offer will also be subject to the approval of the PZCN Board, regulatory approvals and vote of minority shareholders of PZCN. Further announcements will be made in due course, as appropriate.\n \nThe Group will report results for the year ended 31 May 2023 on 26 September 2023.\n \nFor further information please contact:\n \nInvestors\nSimon Whittington - IR and Corporate Development Director +44 (0) 77 1137 2928\n \nMedia\nHeadland [email protected] +44 (0) 20 3805 4822\nSusanna Voyle, Stephen Malthouse, Charlie Twigg\n \nNotes to editors\n \nAbout PZ Cussons Nigeria Plc\nAssets within PZ Cussons Nigeria Plc comprise the portfolio of family care brands such as Premier, Joy and Morning Fresh, and the Haier-Thermocool venture with Haier. It does not include the joint venture with Wilmar International. \n \n[1] Based on a Naira to GBP rate of 977\n\nAbout PZ Cussons\nPZ Cussons is a FT...