Xenergi offers N38 per share to buy up to 2 million Premier Paint shares
Xenergi Plc has launched a mandatory takeover offer to buy up to 2 million ordinary shares of Premier Paint Plc at ₦38 per share, valuing the deal at ₦76 million. The offer, registered with the Securities and Exchange Commission and disclosed in a June 22, 2026 document seen by Nairametrics, opens on July 13 and closes August 7, with a qualification date of July 6. If fully accepted, Xenergi’s stake in Premier Paint would rise from 49.60% to 51.22%, giving it outright control. The offer price represents about a 25% premium over Premier Paint’s market price of ₦30.04 as of June 25. Eligible shareholders (excluding Xenergi) will receive ₦38 in cash per share, net of taxes, and the shares will be free of liens, carrying voting rights and any dividends declared after the offer date. Shareholders must submit acceptance forms through CardinalStone Registrars Limited and can withdraw acceptances up to July 24. Xenergi will transfer funds to the registrars by August 31, with settlement to shareholders on September 1. AIICO Capital Limited advises Xenergi on the deal, which will not affect employee terms at Premier Paint. The move follows Nigeria’s recent Investment and Securities Act 2025, which strengthens capital market regulation.