By Nkiruka Nnorom

Avon Crowncaps and Containers (Nigeria) Plc has announced the intension of its majority shareholder, Wilko Corporation, to take up the remaining minority equities in the company.

Wilko Corporation, a private company incorporated in the Bahamas, already holds majority shares in Avon Crowncaps.

In a notice to the Nigerian Stock Exchange, NSE, through its stockbrokers, CSL Stockbrokers Limited, Avon Crowncaps said the restructuring proposal, will involve the acquisition of the entire141.16 million ordinary shares of 50 kobo each belonging to the minority shareholders, which represents 20.64 percent of the company’s issued share capital.

This development will therefore make Avon wholly owned subsidiary of Wilko.

According to the company, the proposed acquisition of the minority shareholding by Wilko will be effected by way of a Scheme of Arrangement ‘under Section 539 of the Companies & Allied Matters Act, Cap C20, Laws of the Federation of Nigeria, 2004’ and is subject to the shareholders approval.

The cancellation of the scheme shares and issue of new Avon Crowncaps shares to Wilko will result in the delisting of Avon Crowncaps shares from the Daily Official List of the Exchange, the statement said.

The statement added that in consideration of the cancellation, holders of the scheme shares will receive N1.90 for each share given up.

Avon Crowncaps and Containers plc is engaged in the manufacturing of crowncaps and various other types of caps and covers, containers and other similar items of metallic products.

The company has two wholly owned subsidiary companies: Fine Chemicals Nigeria Limited and Globe Packaging Industries Limited

Meanwhile, the NSE said that it has delisted the shares of Cappa and D’Alberto Plc from its Daily Official List.

According to the NSE, the delisting which took place on January 16, 2014, brought to closure a 69 month impasse regarding Cappa and D’Alberto’s purported delisting pursuant to resolutions passed at an Extraordinary General Meeting of the company held on 24 March 2009.