UACN Property Development to redeem N4.35bn Series 1 Bonds


By Kayode Tokede

UACN Property Development Plc has announced to its bondholders that its N4.35billion Series 1 Bonds will be redeemed on April 26th, 2021 (redemption date) together with accrued Coupon up to, but excluding the redemption date.

The Company Secretary, UACN Property Development, Folake Kalaro in a statement to the Nigerian Stock Exchange (NSE) on Monday said the coupon on the Bonds will cease to accrue on and after the Redemption Date.

According to him, “Following the Redemption, the listing of the Bonds on the FMDQ Securities Exchange Limited will be cancelled.

“On the Redemption Date, Africa Prudential Plc as the Registrar of the Bonds, shall pay to each Bondholder, the amount payable to him/her in respect of the Redemption equal to 100per cent of the principal amount together with all accrued and unpaid Coupon and such payment shall be made to the bank account designated by each Bondholder for that purpose.

“Words and expressions used in this Notice shall, unless defined herein or the context otherwise requires, have the same meaning as in the Conditions.”