At the Court-Ordered meeting of UAC of Nigeria PLC (“UAC or the Company”) held virtually on September 20 2021 in respect of the proposed unbundling of the Company’s 649,392,661 units in UPDC Real Estate Investment Trust (“UPDC REIT”), the Scheme Document, including the scheme of arrangement between the Company and the holders of the ordinary shares of the Company (the “Shareholders”), pursuant to Section 715 of CAMA, incorporating a reduction of share capital under Section 131 of CAMA, set out on pages 16 to 19 of the Scheme Document, dated 15th July 2021 in its original form or with, or subject to, such modification(s),
addition(s) or condition(s) agreed between the Company and the shareholders and/or as approved or imposed by the Court (the “Scheme”), was approved.
In turn, on October 22, 2021 in the Lagos Judicial Division of the Federal High Court, further to the petition of the Company dated October 15 2021, the Scheme was sanctioned.