Trading on the shares of Glaxo SmithKline Consumer Nigeria (GSK) Plc has been suspended by the Nigerian Exchange Limited (NGX) pending the delisting of the pharmaceutical giant from the Exchange.
The suspension followed the approval of the Scheme of Arrangement between the company and holders of its fully paid ordinary shares by the Securities and Exchange Commission (SEC) and sanctioning of the Scheme of Arrangement by the Federal High Court.
The suspension, a filing with the NGX, was to enable the Registrars update the register of members for payment of the Scheme consideration and eventual delisting of the Company.
“Trading Licence Holders are hereby notified that following the approval of the Scheme of Arrangement Glaxo SmithKline Consumer Nigeria Plc (the Company) between Glaxo SmithKline Consumer Nigeria Plc and holders of its fully paid ordinary shares by the Securities and Exchange Commission and sanctioning of the Scheme of Arrangement by the Federal High Court, trading in the Shares of the Company was suspended on the Nigerian Exchange Limited on Monday, 22 January 2024.
“The suspension was to prevent further trading on the shares of the Company given that the effective date of the scheme of Arrangement was Friday, 19 January 2024, being the day, the Court Sanction was filed with the Corporate Affairs Commission and to enable the Registrars to update the register of members for payment of the Scheme consideration and eventual delisting of the Company from the NGX.”
It would be recalled that the GSK Board had announced receipt of SEC’s formal approval of its scheme of arrangement which will result in delisting from the (NGX.
The approval followed the Court Ordered Meeting held on December 5, 2023, at which the shareholders approved the proposed Scheme of Arrangement.
The company in a statement signed by Frederick Ichekwai, the Company Secretary also disclosed that the order of the Federal High Court sanctioning the Scheme of arrangement has also been obtained.
It added that an application for the delisting of the Company’s shares from the NGX will be submitted imminently.
According to Nairametrics, the statement read: “Following the Court Ordered Meeting held on December 5, 2023 – at which the shareholders of GlaxoSmithKline Consumer Nigeria Plc (GSK) approved the proposed Scheme of Arrangement (“the Scheme”) – GSK Consumer Nigeria hereby notifies Nigerian Exchange Limited (NGX), our esteemed shareholders, and other stakeholders that the Company has now received Securities and Exchange Commission’s Formal Approval of the Scheme.
“The order of the Federal High Court sanctioning the Scheme of Arrangement has also been obtained.
An application for the delisting of the Company’s shares from the NGX will be submitted imminently”.
Last year, the Nigerian subsidiary of the multinational, GSK, in a statement signed by its Company Secretary, Frederick Ichekwai, revealed that it planned to stop doing business in the country and move to a third-party distribution model for its drugs and consumer healthcare goods.
