Thelmis Capital Management, the core investor at UAC of Nigeria Plc (UACN) has increased its investment in the conglomerate.
The acquisition of the additional shares makes Thelmis Capital Management add substantially to its investment in the company, as it is already the single largest investor with about 8.08% shareholding as of December 31, 2018.
This was disclosed in a notification, which was signed by the Company Secretary/Legal Adviser, Godwin Samuel, sent to the Nigerian Stock Exchange (NSE).
Analysis of this current acquisition shows that the Themis Capital Management increased its stake in the conglomerate through a series of deals at an average price of N10.
A further breakdown of the transactions shows that 14,280,219 units were sold at N10 per unit, four different transactions of 300,000 units were sold at N9.95 per unit for each of the transactions and 200,095 units were sold at N9.95 per unit.
The purchase consideration for this transaction, which was done on the floor of the Nigerian Stock Exchange, is put at approximately N156.7 million.
In February 2019, in a notification sent to the Nigerian Stock Exchange and other stakeholders, UAC of Nigeria Plc announced the emergence of three major shareholders with more than 5% stake in the company. The three major shareholders were Thelmis Capital Management (8.08%), Stanbic IBTC Nominees Limited (7.27%), Blakeney GP 111 Ltd (7.55%).
Nigeria’s oldest conglomerate has gone through some major restructuring in recent times following investments by core investors and other major shareholders. In September 2019, UACN announced the outright dissolution of its interest and restructuring of UAC Property Development Company (UPDC) with the transfer of its interest directly to the shareholders.
Over the years, UACN has transformed from a very large conglomerate with footprints in different sectors of the economy to a leaner organization with interest in Manufacturing, Food & Beverage, Logistics, Agro-allied Industry, Paints and
The core investor, Themis Capital Management, which was co-founded by Fola Aiyesimoju and Peter Mombaur, is in companies that will benefit from Africa’s demographic trends. They partner with management teams to invest in and grow domestic and regional champions.