SEC approves Union Diagnostics exit from NGX

By  Kayode Tokede

Foremost diagnostic firm, Union Diagnostics and Clinical Services Plc, says it has received approval from the Securities and Exchange Commission (SEC) and other agencies to delist its shares from the Nigerian Exchange Limited (NGX).

The indigenous medical diagnostic firm stated in a statement that shareholders of the company unanimously approved the delisting of its shares at the last Annual General Meeting and Court Ordered Meeting.

“We write to inform you of the conclusion of the Scheme of Arrangement and the intent of the company to be delisted from the Nigerian Exchange Limited effective from the date as approved by the Exchange.

“The shareholders unanimously approved the delisting of the Company’s shares at the last Annual General Meeting and Court Ordered Meeting held on the 25th of January, 2021.

“The Company has obtained all relevant regulatory approvals from Securities Exchange Commission (SEC), the Nigerian Exchange Limited, Federal High Court, Federal Competition and Consumer Protection Commission (FCCCP). All shareholders (other than Lifecare Partners Limited, Akinniyi Ambrose Olusola and Akinniyi Elizabeth Abimbola) are enjoined to contact the Registrars for their payoff warrants.”

Earlier in the year, an investment firm, Cedar Advisory Partners Limited purchased 39.62 per cent minority stakes in Union Diagnostic.

Cedar Advisory paid 35 kobo each for about 1,407,855,051 ordinary shares, representing a 39.62 per cent stake), amounting to about N492.75 million.

In March 2021, trading in the shares of the company was placed on full suspension to enable the parties involved to determine shareholders whose names are in the register of members on the effective date and finalize the delisting process.