PZ Cussons Nigeria has announced that minority shareholders voted against the conversion of $34.26 million debt owed to its parent company, PZ Cussons Holdings, into equity.
This information was included in a disclosure signed by the company secretary, Alsec Nominees Limited, and published on the Nigerian Exchange Group (NGX) on March 14, 2024, following PZ Cussons’ Extraordinary General Meeting on March 13.
The disclosure revealed that, although there was notable support among minority shareholders, a significant bloc opposed the conversion.
It noted, “While there was strong minority shareholder support for the transaction, a significant minority shareholder bloc voted against it, and the approval threshold was not met.”
At the meeting, 663 out of 675 minority shareholders voted in favor of the proposal, while 12 significant shareholders opposed it. As a result, the necessary 75% majority to approve the resolution was not achieved.
Backstory
PZ Cussons Nigeria PLC announced the…
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