Fresh 1.3m Shares In Eterna Cede 61.08% Majority Stakes To Preline

Preline Limited has bought further, additional 1.3 million ordinary shares equivalent to a 0.10 per cent stake in Eterna Plc.

The fresh purchase now takes Pre line Limited’s total stake in Eterna Plc to 796,269,774 ordinary shares representing 61.08 per cent equity in the oil and gas company.

Preline Limited, now a majority holder in Eterna is an investment vehicle of RainOil Limited- an integrated downstream company and a prominent player in the Nigerian oil and gas industry.

The Rainoil Group business operations span across the downstream value chain: Retail Sales, Bulk Storage, Logistics and Shipping Petroleum Product Storage, Haulage/Distribution, and Retail Sales.

In late 2021, major Shareholders of Eterna Plc had formally divested a total of 794,969,774 shares representing 60.98 per cent of equity holdings right from the company.

The substantial shareholders are; Linux Integrated Resources Limited, Global Energy & Raw Materials Limited, Meristem Wealth Management Limited, Radix Capital Partners Limited, GASL Nominee Limited, GTI Capital Limited and Cardinalstone Partners Limited.

According to the statement by Eterna Plc, it said the major shareholders have executed a Sale and Purchase Agreement (SPA) that enables Pre line Limited to become the new investor.

However, in a statement disclosing the fresh purchase on Tuesday, Eterna said, “we refer to Eterna Plc’s public statement dated 1st November 2021 in which the Company had notified the general public that Pre line Limited has completed the acquisition of 794,969,774 ordinary shares of the Company representing 60.98 per cent in the Company, making it the largest and majority shareholder in the Company, thus triggering the mandatory tender offer (MTO) provisions of the Investment and Securities Act and Securities and Exchange Commission (SEC)Regulations.

Eterna added, “We wish to announce to Nigerian Exchange Limited and the general public; that following the granting of the ‘‘Authority to proceed’’ by SEC, Preline Limited has notified the Company of its intention to proceed with the Takeover bid to acquire 1,300,000 ordinary shares equivalent to 0.10% equity stake in Eterna Plc from other shareholders at a price of N13.50 per share.

This notification is in fulfilment of our disclosure obligations in line with guidelines and our corporate responsibility to our stakeholders.”

Eterna which was incorporated as a limited liability company in 1989, later became a public limited liability company in 1997 and had its shares listed on the Nigerian Stock Exchange (NSE) in August 1998.

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