Fertiliser and agro-allied company, Notore Plc (“Notore” or “the Company”) has received an offer from Kwararafa Africa Limited, acting along with other core shareholders of the company comprising TY Holdings Limited Limited and Notore Chemical Industries (Mauritius) Limited, to acquire all the shares being held by the minority shareholders in Notore.
The acquisition transaction is proposed to be implemented by way of a Scheme of Arrangement (the “Scheme’’) between the Company and its shareholders in accordance with the provisions of Section 715 of the Companies and Allied Matters Act 2020 (as amended), and other applicable laws.
The proposed Scheme is subject to the approval of the Securities and Exchange Commission (“SEC”), the Shareholders at the Court-Ordered Meeting, as well as the sanction of the Federal High Court.
Earlier this year, Kwarafara Limited, a privately held special purpose vehicle, acquired 60 percent equity stake in Notore through a special placement. Kwarafara Limited was advised by OAKE Legal in connection with the acquisition.
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