Tag: Eterna Plc

Substantial shareholders in Eterna Plc have finalized their divestment from the company, collectively selling a total of 794,969,774 units of their equity holdings to a new investor-Preline Limited.

Recall that earlier in August this year, some substantial shareholders of Eterna Plc, namely; 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, had formally informed the Board of their collective decision to divest from the company. The aforementioned shareholders entered into a Sale and Purchase Agreement (SPA) with Preline Limited for the sale of 796,960,774 ordinary shares in the company.

Consequently, the firm announced that it has received regulatory approval from FCCPC, SEC and NGX to proceed with the deal, thereby conferring on Preline Limited the status of being the largest and majority shareholder in the company with a stake of 60.98%.

Confirming the recent development, the firm in a recent notice signed by its secretary, Bunmi Agagu and filed with the Nigerian Exchange Limited (NGX), stated that: ‘’ 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.’’

It is pertinent to note that disclosure is in line with the regulatory guidelines and corporate responsibility of the firm to its stakeholders.

What you should know:

• It is imperative to note that Preline Limited is an investment vehicle of Rainoil Limited. In this light, the acquisition will allow RainOil Limited to further scale up its business and increase its footprints across Nigeria.
• Eterna Plc is currently trading N7.77 per share on the floor of the Nigerian Exchange Limited (NGX).

Eterna Plc has released its earnings forecasts for the fourth quarter of 2021 (Q4 2021).

• Revenue is projected to hit N70.43 million during the period.
• Cost of sales projection of N64.53 million.
• Marketing, distribution and administrative expenses are projected to hit N3.91 million.
• Tax is projected at N274.3 million.
• Profit after tax is projected at N582.9 million.

See link to forecasts.

Preline Limited has announced the acquisition of 794,969,774 units of shares, representing about 60.98% of the total shareholdings in Eterna Plc.

The acquisition is following a unanimous decision by some substantial shareholders in Eterna Plc to sell their equity holdings in the company. The substantial shareholders who sold their equity holdings are; 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.

According to a statement signed by the company’s secretary, Bunmi Agagu, and made available on the website of the Nigerian Exchange Limited (NGX), the aforementioned substantial shareholders divested through a Sale and Purchase Agreement (SPA) that was executed to enable Preline Limited to become the new major shareholder.

Confirming the recent development, Eterna Plc in a notice filed with the Exchange stated that: ‘’We refer to Eterna Plc’s (“the Company”) public statement dated 21st December, 2020 in which we notified our Shareholders, The Nigerian Exchange Limited (“NGX” or “The Exchange”) and the general public that some of our substantial shareholders (Shareholders) have formally informed the Board of Eterna Plc (the Company) that they are in negotiations to sell equity holdings in the Company to a ‘New Investor’.

‘’Our 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 have executed a Sale and Purchase Agreement (SPA) that enables Preline Limited acquire 794,969,774 (Seven Hundred and Ninety Four Million Nine Hundred and Sixty Nine Thousand Seven Hundred and Seventy Four) shares of Eterna Plc representing 60.98% in the Company.’’

The firm further added that it will file a formal application with the Securities and Exchange Commission (SEC) for an ‘’authority to proceed’’ with the transaction by the transacting parties. It also rationalized the announcement of the deal, noting that‘’ Is in fulfillment of our obligation to report such matters and we will continue to do so in line with Regulatory guidelines.’’

Back story: The aforementioned shareholders had earlier announced plans to divest their equity holdings to a new investor. Consequently, a Board of Directors meeting was convened to deliberate on the matter. Sequel to this, the Board on 21st of December, 2020, announced that it has ratified the decision by these shareholders to divest.

Eterna Plc has released its earnings forecasts for the third quarter of 2021 (Q3 2021).

• Revenue is projected to hit N53.8 billion.
• Cost of sales is projected at N49.44 billion.
• Marketing, distribution and admin expenses are projected to hit N2.79 billion.
• Tax is projected at N446.79 million
• Profit after tax is projected at N303.82 million.

See link to forecasts.