BREAKING: Capital Hotels to delist from NGX

Capital Hotels Plc on Monday officially announced its voluntary delisting from the Nigerian Exchange Limited (NGX) as recommended by the board of directors.

The company in a statement obtained by WesternPost stated that the Exchange approved the delisting application subject to Capital Hotels evidence of opening an escrow account in the Registrar’s name and evidence that shareholders who have accepted to exit have been paid.

The Hotels/Lodging company listed on the mainboard of the NGX in a statement stated that it has opened an escrow account with CardinalStone Registrars Limited and provided sufficient funds to shareholders, who as of August 17, 2023, have accepted the exit consideration of N5 per share  which is more than the highest price at which the company traded in the last six months preceding the date of the Annual General Meeting (AGM) where the Resolution to delist was passed in line with NGX guidelines.

The company added that the delisting provides opportunity to strategize for better performance, minimize costs, and stay competitive within its industry. escrow account and procedure for settlement the consideration accruing to shareholders of capital hotels plc that elect to accept the exit Consideration has been computed as of August 17, 2023 (“the Collation Date”).

“The cash consideration will be settled by way of electronic transfer to the respective bank accounts of Shareholders,” the statement added.