Xenergi Plc has commenced a mandatory takeover offer to acquire up to 2 million ordinary shares of Premier Paint Plc at ₦38.00 per share following its acquisition of a controlling interest in the paints manufacturer.
The takeover bid is being undertaken in compliance with Section 142 of the Investments and Securities Act (ISA) 2025, which requires an investor that acquires a significant controlling stake in a listed company to extend an offer to eligible minority shareholders.
According to the offer document, Xenergi currently owns 61,003,350 ordinary shares, representing 49.60% of Premier Paint’s issued share capital.
Through the mandatory offer, the company intends to acquire an additional 2,000,000 ordinary shares, equivalent to 1.63% of the company’s outstanding equity, potentially increasing its ownership to 51.22% if the offer is fully accepted.
The offer price of ₦38.00 per share, payable in cash and net of applicable taxes, represents a 25% premium to Premier Paint’s market price of ₦30.04 per share as of June 25, 2026, according to the takeover document.
The acceptance period will open on July 13, 2026, and close at 5:00 p.m. on August 7, 2026. During this period, qualifying shareholders may tender some or all of their shares by submitting the required acceptance documents through CardinalStone Registrars Limited.
Shareholders who change their minds may withdraw their acceptance within the first 10 days of the offer period, ending on July 24, 2026.
Xenergi stated that the takeover follows its acquisition of the 49.60% stake in Premier Paint, a transaction completed after obtaining the required approvals from the Federal Competition and Consumer Protection Commission (FCCPC), the Securities and Exchange Commission (SEC) and the Nigerian Exchange Limited (NGX).
If the total number of shares tendered exceeds the 2 million shares being sought, the company will scale back acceptances on a pro-rata basis in accordance with applicable takeover regulations.
Settlement to successful shareholders is expected to commence on September 1, 2026, following regulatory approvals and completion of the share transfer process.
The offer document noted that Premier Paint will continue to operate as a separate corporate entity after the transaction and that Xenergi has no plans to alter the employment terms of the company’s workforce as a result of the takeover.
Xenergi, an indigenous energy company focused on converting natural gas into cleaner energy products, said the takeover is intended to satisfy statutory requirements arising from its controlling investment in Premier Paint.