Insider Dealing: UACN’s major investor sells 80 million shares

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The UAC of Nigeria Plc disclosed on Friday insider dealing of an additional 80 million shares acquired by one of the company’s substantial shareholder, Blakeney LLP.

The company had earlier (June 18, 2020) disclosed an insider dealing of 40,000,000 shares acquired by Blakeney. The transaction which took place on June 17, 2020, at the Nigerian Stock Exchange in Lagos, Nigeria was done at N7.00 per share. Lagos, Nigeria was done at N7.00 per share.

The conglomerate disclosed this in a notice to the Nigerian Stock Exchange signed by the Company Secretary/Legal Adviser, Godwin Samuel. The company said Blakeney LLP purchased another 80,000,000 shares at N5.75 per share on August 5, 2020, to take the total purchase to 120,000,000 shares.

Two months ago, the company disclosed insider dealing of 40,000,000 shares acquired by Blakeney. The transaction which took place on June 17, 2020, at the Nigerian Stock Exchange in Lagos, Nigeria was done at N7.00 per share. Lagos, Nigeria was done at N7.00 per share.

The transactions showed that the 80 million units were sold at N5.75 per unit, amounting to N460m in purchase consideration.

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The board of directors of UAC of Nigeria Plc had recently announced that a binding agreement had been signed with Custodian Investment Plc for Custodian to purchase a 51 per cent equity interest in UACN Property Development Company Plc.

The agreement marked the beginning of a partnership between Custodian and UAC that would achieve both companies’ respective objectives in the real estate industry.

It also marked a significant milestone aligned with UAC’s strategy to focus on its core businesses.

Insider Dealing: UACN’s major investor sells 80 million shares

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