Union Diagnostics Announces Proposed Acquisition of its Minority Shares By Cedar Advisory Partners Limited

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Union Diagnostic and Clinical Services Plc. (the Company) hereby wishes to inform the Nigerian Stock Exchange (The Exchange) and the investing public that the Company has received a binding offer from Cedar Advisory Partners Limited (“Cedar”) to acquire a total of 1,407,855,051 ordinary shares of 50 kobo each held by all minority shareholders, representing 39.62% of the Company at an offer price of N0.35 per share through a Scheme of Arrangement (the “Transaction”).

Cedar is an investment firm and has over the years carved a niche in the healthcare business landscape, working with major industry players across various levels of the healthcare value-chain. Cedar currently holds 711,916,612 ordinary shares representing 20.04% equity holding in the Company. Subsequent upon the conclusion of the transaction, Cedar will hold a combined 59.66% equity holding of the Company.

The offer price of 0.35 per share represents a premium of 75% of the Company’s last closing price on the 16 March 2020 and 70.1% of the 90-day volume-weighted average share price.

The Board announces that it has fully considered the offer and will recommend the offer to shareholders for consideration at a court-ordered meeting, further to the approval by relevant regulatory authorities.

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Further details will be communicated to the shareholders of the Company as the transaction progresses.

Shareholders and potential investors are advised to exercise caution when dealing in shares until a further announcement is made.

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Union Diagnostics Announces Proposed Acquisition of its Minority Shares By Cedar Advisory Partners Limited - Brand SpurUnion Diagnostics Announces Proposed Acquisition of its Minority Shares By Cedar Advisory Partners Limited - Brand Spur
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Union Diagnostics Announces Proposed Acquisition of its Minority Shares By Cedar Advisory Partners Limited - Brand SpurUnion Diagnostics Announces Proposed Acquisition of its Minority Shares By Cedar Advisory Partners Limited - Brand Spur

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