In a notice sent to the Nigerian Stock Exchange (NSE) today, Affelka SA the majority shareholder in 7-UP Plc has revised its offer for all the shares it does not own to N125 per share.
The revised offer represents a 22.6% premium to the last traded share price of the company on January 9 2018 and a premium to the 27.6% premium to the August 10, 2017 which was the last date prior to the announcement of the proposal by Affleka.
The revised scheme will be voted for at the Court-Ordered meeting which is scheduled for Thursday January 11, 2018.
Affelka initially offered to buy 71,542,574 ordinary shares of 50 kobo each at N112.70 per share representing the 26.78% of the company’s issued share capital that it does not own. Affelka SA is a holding vehicle for the El-Khalil family from Lebanon which founded the company.
About 7-UP Plc
7-UP Plc was incorporated as a private limited liability company on 25th June, 1959 under the name Seven‐Up Limited by Mohammed El-Khalil. On 16th May, 1960, the name was changed to Seven‐Up Bottling Company Limited and in 1978 it became a public company. 7-UP Plc was listed on the Nigerian Stock Exchange on June 1st, 1986.
The name “Seven‐Up Bottling Company PLC” was adopted on 26th November, 1991 in compliance with the provisions of the Companies and Allied Matters Act 1990. The company currently operates 3 plants in Ibadan, Ikeja and Ijora, and employees over 3000 staff. The company makes several products including 7-UP, Mirinda, Pepsi,Teem Mountain Dew and Aquafina Water.
Results for the half year ended September 2017 show the company made a turnover of N53.3 billion, up N7 billion compared to the N46.9 billion made in 2016. Losses however increased from N1.9 billion in 2016 to N6.2 billion in 2017.
7-UP Plc shares are currently trading at N101.55 in today’s trading session on the NSE.