Dangote sugar set to acquire all the assets (including all tax attributes, unutilized capital allowances, tax losses, withholding tax credits and any other tax refunds available subject to the approval of the FIRS), liabilities and business undertakings, including real property and intellectual property rights of Savannah Sugar, all legal proceedings, claims and litigation matters pending or contemplated by or against Savanah Sugar.
This development is a result of the court ordered meetings of the members of Dangote sugar on Thursday 9th July, 2020. This was disclosed in a memo sent to the Nigerian Stock Exchange and duly signed by the company’s secretary, Mrs Temitope Hassan.
The disclosure read in part “DSR be and is hereby authorised to receive all the assets ((including all tax attributes, unutilized capital allowances, tax losses, withholding tax credits and any other tax refunds available subject to the approval of the FIRS), liabilities and business undertakings, including real property and intellectual property rights of Savannah Sugar Company Limited (“SSCL”) transferred by SSCL to the Company (pursuant to the Scheme of Arrangement between SSCL and its shareholders) upon the terms and subject to the conditions set out in the Scheme of Arrangement without any further act or deed.”
In consideration, Dangote sugar is to issue and allot 146,878,241 ordinary shares of N0.50 each in its share capital to other the shareholders of Savanah sugar for the 162,756,968 ordinary shares held by the Scheme Shareholders in SSCL as at close of business on the terminal date, and credited as fully paid .
The Scheme Document dated Friday, May 29, 2020, was also approved at the meeting, and Directors of Dangote sugar were authorised to consent to any modifications that the Securities and Exchange Commission may deem fit, and give effect to the scheme.
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