The Nigeria Exchange Limited (NGX) has granted approval for the delisting of Capital Hotels Plc’s shares.
This move is aimed at facilitating the hospitality company’s exploration of strategic opportunities, as outlined in a corporate filing statement submitted to the Nigeria Exchange Limited.
Capital hotels plc discloses exchange’s terms
Capital Hotels Plc disclosed the terms established by the exchange to facilitate the delisting procedure.
According to the statement, NGX greenlit the delisting application on the condition that the company established an escrow account.
This account would be utilized to remunerate shareholders who have opted to exit their positions.
The statement further elaborated on these developments:
“In light of this, Capital Hotels Plc has initiated the opening of an escrow account in collaboration with CardinalStone Registrars Limited.
Adequate funds have been allocated to this account to accommodate shareholders who, as of August 17, 2023, have accepted the Exit Consideration of N5 per share (‘Exit Consideration’).
This amount exceeds the highest trading price of Capital Hotels Plc’s shares during the six months preceding the Annual General Meeting (AGM), where the resolution for delisting was approved in accordance with NGX guidelines.”