Key Developments: Starcomms PLC (STARCOM.LG)

STARCOM.LG on Lagos Stock Exchange

0.50NGN
22 Oct 2013
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Latest Key Developments (Source: Significant Developments)

Starcomms Plc to be Acquired By CAPCOM CO LTD for USD 210.00 Million - Subject to Shareholders' Approval-Telecompaper Africa
Tuesday, 4 Dec 2012 07:00pm EST 

Telecompaper Africa reported that Starcomms Plc has announced that it seeks the Company's shareholders' approval for CAPCOM CO LTD (Capcom)'s proposed investment in the Company. Starcomms Plc also announced that its Board of Directors has already approved the merger, which would be effected through a scheme of arrangement and a private placement. Accordingly, Starcomms Plc further announced that the scheme will involve the cancellation of NGN 3.46 billion of the Company's share capital, comprising 6.9 billion ordinary shares of NGN 0.50 each, and the subsequent issue of 662.6 million new and fully paid-up ordinary shares to Capcom, constituting 90.5% of the post-scheme issued share capital. Finally, as part of the acquisition transaction, Capcom will inject a combination of assets and cash into Starcomms Plc worth USD 210.00 million.  Full Article

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