Preline completes mandatory takeover of 0.1% shares of Eterna Oil, emerges largest shareholder



Uba Group

Preline Limited, a private equity investor, has becomes the biggest single shareholder in Eterna Oil Plc with the acquisition of additional 1.3 shares of the company.

Eterna Oil disclosed today that its biggest shareholder just completed a Mandatory Takeover bid of 0.1 percent additional shares from existing shareholders at N13.50 per unit.

The successful completion of the MTO, ordered by the Securities and Exchange Commission, gives Preline Limited 61.08 percent of the total shareholding of Eterna Oil.

“Preline Limited has notified Eterna Plc of the completion of the Mandatory Takeover of 1,300,000 ordinary shares equivalent to 0.10 percent equity stake in Eterna Plc from other shareholders at a price of N13.50 per share. This notification is in fulfilment of our disclosure obligations in line with Regulatory guidelines and our corporate responsibility to our stakeholders,” a statement issued by Eterna Oil on Tuesday disclosed.

It would be recalled that the company in a public statement dated 1st November 2021 had notified the general public that 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 per cent in the Company.

This makes the company the largest and majority shareholder in the Company, thus triggering the mandatory tender offer (MTO) provisions of the Investment and Securities Act and Securities and Exchange Commission (SEC) Regulations