UPDC Obtains SEC Approval on Its Proposed Scheme of Arrangement

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UACN Property Development Company Plc (UPDC) has through its stockbroker, Stanbic IBTC Stockbrokers Limited, informed The Nigerian Stock Exchange that the Company has obtained the approval of the Securities and Exchange Commission for the Scheme of Arrangement between UACN Property Development Company Plc and the owners of its fully paid ordinary shares of 50 kobo each.

The Scheme of Arrangement involves a capital reorganization with the unbundling of a substantial portion of UPDC’s interest in the UPDC REIT to all UPDC shareholders. With the unbundling, UPDC’s shareholders will have continued exposure to UPDC, in addition to direct access to the returns from UPDC REIT. Under the Scheme, each eligible shareholder will receive Scheme units based on the allocation ratio.

Subsequent to the Scheme becoming effective, eligible shareholders will hold shares in UPDC, as well as units in UPDC REIT.

The Effective Date for the Scheme is Thursday, 24 December 2020 while the Qualification/Eligibility Date is Monday, 21 December 2020.

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