Union Diagnostics and Clinical Services Plc. concludes process to delist shares from the Nigerian Exchange Limited.

Union Diagnostics and Clinical Services Plc, an indigenous medical diagnostic firm, has concluded various statutory processes required to delist its shares from the Nigerian Exchange Limited (NGX).

This is according to a disclosure signed by the company’s secretary, Samuel Iroye, which partly reads: ‘We write to inform you of the conclusion of the Scheme of Arrangement and the intent of the company to be delisted from the Nigerian Exchange Limited (the Exchange or NGX) effective from the date as approved by the Exchange.’’

As part of the statutory process, the firm revealed that it had earlier obtained its shareholders’ approval to delist the company’s shares during the last Annual General Meeting and Court Ordered Meeting held on the 25th of January, 2021.

Furthermore, the firm revealed that it had obtained all relevant regulatory approvals from the Securities Exchange Commission (SEC), the Nigerian Exchange Limited, Federal High Court, Federal Competition and Consumer Protection Commission (FCCCP) to embark on the delisting exercise.

Consequently, all shareholders (other than Lifecare Partners Limited, Akinniyi Ambrose Olusola and Akinniyi Elizabeth Abimbola) are enjoined to contact the Registrars for their payoff warrants.

Recall that in a bid to make the exit from the NGX seamless, Cedar Advisory Partners Limited, an investment firm with a niche in the healthcare business waded in to buy out 39.62% minority stakes in Union Diagnostic, conferring the firm the status of a majority shareholder in the latter. Cedar Advisory paid 35 kobo each for about 1,407,855,051 ordinary shares (39.62% stake), translating to about N492.75 million.

Subsequently, the minority shareholders of Union Diagnostics accepted the N492.75 million offered by Cedar for their shares, thus making the exit of the organization easier.  In addition, trading in the shares of the company was placed on full suspension earlier in March this year, to enable the parties involved determine shareholders whose names are in the register of members on the effective date and finalize the delisting process.

What you should know:

  • Union Diagnostic and Clinical Services Plc. (UDCS Plc.) is a leading indigenous and homegrown company in the medical diagnostics and healthcare sector with a deep knowledge of the Nigerian terrain owned by over ten thousand Nigerians and offering full and comprehensive services in diagnostic medicine since 1994 with capacity for conducting services ranging from Sonology including Colour Doppler imaging, X-ray imaging, Electrocardiography, Endoscopy, Computed Tomography (CT Scan), etc.
  • It was listed on the NGX in 2007 at N3.00 per share, with an ambition to become a leading diagnostic firm across the Africa continent.
  • Cedar Advisory Partners Limited is currently the majority shareholder in Union Diagnostics, holding about 59.66% of the latter’s total shareholding.