Preline Limited emerges majority shareholder of Eternal Plc following acquisition of 60.98% equity stake

Preline Limited has take a controlling stake in Eterna Plc following the execution of a Sale and Purchase Agreement (SPA) in which it acquired 794,969,774 ordinary shares in the company to bring its shareholding in the company to 60.98 percent.

The regulatory authorities have granted the necessary approvals to consummate the transaction.

Bunmi Agagu, the Company Secretary/Legal Adviser, confirmed the development in a notification to the Nigerian Exchange Limited and other stakeholders.

Her statement was titled, “Notification on conclusion of shareholders’ divestment from Eterna Plc”.

“We refer to Eterna Plc’s (“the Company”) public statement dated 23rd August 2021 in which the Company had notified the general public that some of its substantial shareholders (Lenux Integrated Resources Limited, Global Energy & Raw Materials Limited, Meristem Wealth Management Limited, Radix Capital Partners Limited, GASL Nominee Limited, GTI Capital Limited and Cardinalstone Partners Limited) (Shareholders), had formally informed the Board of the Company that they had executed a Sale and Purchase Agreement (SPA) between the Shareholders and Preline Limited for the sale of 794,969,774 (Seven Hundred and Ninety Four Million Nine Hundred and Sixty Nine Thousand Seven Hundred and Seventy Four) ordinary shares in the Company representing 60.98% shareholding in the
Company.

“We are pleased to announce to the general public; that following the granting of ‘the authority to proceed’ by FCCPC, SEC and NGX and the fulfillment of all other regulatory requirements; Preline Limited has completed the acquisition of 794,969,774 (Seven Hundred and Ninety-Four Million, Nine Hundred and Sixty-Nine Thousand Seven Hundred and Seventy-Four) ordinary shares of the Company representing 60.98% in the Company, thus making it the largest and majority shareholder in the Company.

“This notification is in fulfilment of our disclosure obligations in line with
Regulatory guidelines and our corporate responsibility to our stakeholders.”