Cedar Advisory takes control of Union Diagnostic Plc

Union Diagnostic Plc issued a press release confirming that it has obtained court-ordered shareholder approval to transfer 1.34 billion shares to its majority shareholders Cedar Advisory Partners Limited.

  • The shares were exchanged at a price of 35 kobo per share (the current share price is 31 kobo per share) via a scheme of shares.
  • “The scheme shares 1,407,855,051 (One Billion, Four Hundred and Seven Million, Eight Hundred and Fifty-Five Thousand, FiftyOne) issued and fully paid ordinary shares of 50kobo each of the Company be transferred to Cedar Advisory Partners Limited; and Holders of the Scheme Shares be paid a cash consideration in the sum of ₦492,749,268 (Four Hundred and Ninety-Two Million, Seven  Hundred and Forty-Nine Thousand, Two Hundred and sixty eight Naira) by Cedar Advisory Partners Limited for the transfer of the said Scheme Shares.”
  • In the company’s 2020 FY results it disclosed Cedar Advisory owned just 20.04% (711, 916, 612) while Lifecare Partners was the majority shareholder at 29.21% or 1,038,000,000 shares.
  • This latest scheme of shares now gives Cedar Partners control of the company

Union Diagnostic reported a loss per share of 21 kobo up from 18 kobo per share.

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