WorldStage Newsonline– The Federal High Court has directed that a meeting of the holders of the issued and fully paid ordinary shares of UACN Property Development Company PLC be convened for the purpose of considering, and if thought fit, approve the transfer of 1,515,501,818 units out of the company’s 1,648,915,293 units held in UPDC Real Estate Investment Trust to the eligible shareholders the company based on the application of the allocation ratio as specified in the scheme document.
The volume of units involved amounted to 91.9% holding in its Real Estate Investment Trust.
According to the notice released at the Nigerian Stock Exchange on Monday, the court made the order on 15th day of July 2020 for the meeting of UPDC shareholders to hold on the 26th day of October 2020 at 1st Floor, UAC House, 1-5 Odunlami Street, Marina, Lagos at 10:00am.
The notice said in consideration for the transfer by the Company to its shareholders of 1,515,501,818 units in UPDC REIT, the company’s share capital account shall be reduced by the sum of N4,698,055,636 (the Share Premium Deduction Amount), being the value of the transferred units through the reduction of its share premium account and the Share Premium Deduction Amount shall be transferred into the UPDC REIT Unbundling Liability Account;
WorldStage earlier reported that UPDC which is into the development and management of luxury, premium and classic apartments in selected cities in Nigeria, said its facility management division will be transferred to First Choice Facility Management Company Limited, a wholly owned subsidiary of UPDC via an Asset and Business Transfer Agreement.
