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CADBURY Releases Update on the Reduction of Share Capital and Share Premium


Category: Investors NewsBeat


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CADBURY Releases Update on the Reduction of Share Capital and Share Premium

February 7, 2014 4.07PM/NSE 

 

Cadbury Nigeria Plc has notified The Nigerian Stock Exchange that further to its shareholders special resolution passed on 19th December 2013 approving the reduction of the Company’s share capital, the terms of the resolution have been approved by the order of the Federal High Court on 30th

 

December 2013. Following the above, the company’s Board passed a resolution to suspend trading in the shares of the company until the requirements of the Court Sanction approving the Capital Reduction have been complied with.

 

The Company has stated that its Solicitors have filed an application with the Corporate Affairs Commission (CAC) for the registration of the Court Sanction as required by the provisions of section 109 CAMA. Cadbury Nigeria Plc has confirmed that the CAC is yet to issue a Certificate of decrease in share capital and that the Capital Reduction will only become effective following the issuance of the Certificate.

 

Cadbury explains that until this Certificate is received from CAC the company cannot ask The Exchange to lift the suspension imposed in respect of trading in the company’s shares. It therefore requests that the suspension should be continued until such time that the CAC issues the Certificate.

 

The Company undertakes to notify The Exchange as soon as it receives confirmation from its Solicitors that the Certificate has been issued.   






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