Warning: set_time_limit(): Cannot set max execution time limit due to system policy in /customers/b/b/b/brandspurng.com/httpd.www/wp-config.php on line 92 UACN Plc Reverses Self on Plan to Unbundle UPDC amid Credible Offer by Custodian Investment Plc - Brand Spur

UACN Plc Reverses Self on Plan to Unbundle UPDC amid Credible Offer by Custodian Investment Plc

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On Monday, August 3, 2020, UAC of Nigeria Plc notified the Nigerian Stock Exchange, Securities and Exchange Commission, Shareholders and the investing community that a binding agreement was signed with Custodian Investment Plc for the latter to purchase a 51% of its equity stake in UACN Property Development Company Plc (UPDC).

Under the terms of the Transaction, UAC would sell part of its holdings in UPDC – 9,465,584,668 UPDC ordinary shares (“Sale Shares”), representing 51% of UPDC’s issued share capital – to Custodian.

Custodian Investment Signs Binding Agreement with UAC To Purchase 51% Of UPDC

Sale Shares will be sold in two tranches:

  1. The initial sale of 946,558,467 shares, representing 5.10% of the issued share capital of UPDC, on the execution of binding transaction agreements.
  2. Subsequent sale of 8,519,026,201 shares, representing 45.90% of the issued share capital of UPDC upon receipt of requisite approvals.

We note that Completion of the sale is still subject to regulatory approvals from The Nigerian Stock Exchange and the Federal Competition and Consumer Protection Commission.

What UACN Stands to Gain

Upon completion of the deal, UACN will effectively lose controlling interest in UPDC and cease to be Parent company of UPDC, having reduced its stake by 51%. Thus, UPDC becomes an associate company to UACN and the former’s financial result will be captured in UACN’s group account as income from an associate company (UACN to own 42.85% of UPDC).

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Meanwhile, we expect the anticipated cash consideration to boost UACN’s cash position which could be partly paid to its shareholders as compensation for reversing the unbundling plan. Also, we feel UACN’s move was strategic as it leverages on the expertise of Custodian Investment Plc – as it did with Imperial logistic.

For us, UACN’s strategic move to allow companies with sufficient capacity to take control of its businesses they have a comparative advantage in should translate to higher profitability for UACN.

Hence, we expect this corporate action to have a positive impact on UACN share price going forward. On the sideline, we find the words of UACN Group Managing Director, Folasope Aiyesimoju, noteworthy: “In the process of progressing the unbundling initiatives, UAC received a credible offer from Custodian.”

Cowry Research

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1 COMMENT

  1. […] A 67% rise in claims and claims-related expenses from N28.1 billion in 2019 to N47.1 billion in 2020. That led to a net loss of N2.5 billion. This was offset by a sharp rise in net fair value gains due to the UPDC deal. […]

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UACN Plc Reverses Self on Plan to Unbundle UPDC amid Credible Offer by Custodian Investment Plc - Brand Spur

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Recognized for Completeness of Vision and Ability to Execute

 

HONG KONG SAR - Media OutReach - 13 May 2021 - Trend Micro Incorporated (TYO: 4704; TSE: 4704), a global cybersecurity leader, today announced that it has been positioned by Gartner as a Leader in the Magic Quadrant for Endpoint Protection Platform for its offering, Trend Micro Apex One. The evaluation was based on specific criteria that analyzed the company's overall completeness of vision and ability to execute.


Trend Micro is continually innovating and anticipating emerging threats. Our flagship Apex One endpoint protection platform features broad coverage against today's most critical threats. Our customers are protected using a range of techniques including virtual patching, which immediately protects against exploits until the vendor patch is applied.


Read the full Magic Quadrant for Endpoint Protection Platform report at: https://resources.trendmicro.com/Gartner-Magic-Quadrant-Endpoints.html

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At the heart of the company's cybersecurity platform is Trend Micro Vision One, which delivers visibility and XDR using telemetry from Apex One in addition to email, servers, cloud workloads and networks for faster detections and investigations.

Magic Quadrant reports are a culmination of rigorous, fact-based research in specific markets, providing a wide-angle view of the relative positions of the providers in markets where growth is high and provider differentiation is distinct. Providers are positioned into four quadrants: Leaders, Challengers, Visionaries and Niche Players. The research enables you to get the most from market analysis in alignment with your unique business and technology needs.

* Gartner disclaimer: Gartner does not endorse any vendor, product or service depicted in our research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.


About Trend Micro

Trend Micro, a global cybersecurity leader, helps make the world safe for exchanging digital information. Fueled by decades of security expertise, global threat research, and continuous innovation, Trend Micro's cybersecurity platform protects hundreds of thousands of organizations and millions of individuals across clouds, networks, devices, and endpoints. As a leader in cloud and enterprise cybersecurity, the platform delivers a powerful range of advanced threat defense techniques optimized for environments like AWS, Microsoft, and Google, and central visibility for better, faster detection and response. With 7,000 employees across 65 countries, Trend Micro enables organizations to simplify and secure their connected world. www.trendmicro.com.hk


#TrendMicro


UACN Plc Reverses Self on Plan to Unbundle UPDC amid Credible Offer by Custodian Investment Plc - Brand Spur
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Latest News

Trend Micro Placed in 2021 Magic Quadrant for Endpoint Protection Platforms

Recognized for Completeness of Vision and Ability to Execute

 

HONG KONG SAR - Media OutReach - 13 May 2021 - Trend Micro Incorporated (TYO: 4704; TSE: 4704), a global cybersecurity leader, today announced that it has been positioned by Gartner as a Leader in the Magic Quadrant for Endpoint Protection Platform for its offering, Trend Micro Apex One. The evaluation was based on specific criteria that analyzed the company's overall completeness of vision and ability to execute.


Trend Micro is continually innovating and anticipating emerging threats. Our flagship Apex One endpoint protection platform features broad coverage against today's most critical threats. Our customers are protected using a range of techniques including virtual patching, which immediately protects against exploits until the vendor patch is applied.


Read the full Magic Quadrant for Endpoint Protection Platform report at: https://resources.trendmicro.com/Gartner-Magic-Quadrant-Endpoints.html

"The endpoint has become a key battleground as determined threat actors try to take advantage of the pandemic to target distributed workforces and vulnerable remote access infrastructure. But throughout this difficult period, we've been there for our customers," said Wendy Moore, vice president of product marketing for Trend Micro. "I'm delighted to see us recognized again for doing what we do best: Protecting global organizations through innovative, cloud-first and platform-based security. We will continue to focus on offering simple, robust and industry-leading protection through our cybersecurity platform."

At the heart of the company's cybersecurity platform is Trend Micro Vision One, which delivers visibility and XDR using telemetry from Apex One in addition to email, servers, cloud workloads and networks for faster detections and investigations.

Magic Quadrant reports are a culmination of rigorous, fact-based research in specific markets, providing a wide-angle view of the relative positions of the providers in markets where growth is high and provider differentiation is distinct. Providers are positioned into four quadrants: Leaders, Challengers, Visionaries and Niche Players. The research enables you to get the most from market analysis in alignment with your unique business and technology needs.

* Gartner disclaimer: Gartner does not endorse any vendor, product or service depicted in our research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.


About Trend Micro

Trend Micro, a global cybersecurity leader, helps make the world safe for exchanging digital information. Fueled by decades of security expertise, global threat research, and continuous innovation, Trend Micro's cybersecurity platform protects hundreds of thousands of organizations and millions of individuals across clouds, networks, devices, and endpoints. As a leader in cloud and enterprise cybersecurity, the platform delivers a powerful range of advanced threat defense techniques optimized for environments like AWS, Microsoft, and Google, and central visibility for better, faster detection and response. With 7,000 employees across 65 countries, Trend Micro enables organizations to simplify and secure their connected world. www.trendmicro.com.hk


#TrendMicro


UACN Plc Reverses Self on Plan to Unbundle UPDC amid Credible Offer by Custodian Investment Plc - Brand Spur
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