chimex38:

After staying Static last year's between at 30-35 during the Great Bull run of 2023.

Now Managing just only 60-70% wrt inflation and buyout info, suddenly wants to delist at ₦70..

Flourmill has been grossly undervalued in the stock market cuz of their low dividend payout rate.

Now na to disappear at 70?..
They are bigger than this, even with the OS

Verdict: Unfair

Have they disclosed the amount to be paid to each shareholder? I don't think the scheme document has been sent. The might pay higher than 70

chimex38:
After staying Static last year's between at 30-35 during the Great Bull run of 2023.

Now Managing just only 60-70% wrt inflation and buyout info, suddenly wants to delist at ₦70..

Flourmill has been grossly undervalued in the stock market cuz of their low dividend payout rate.

Now na to disappear at 70?..
They are bigger than this, even with the OS

Verdict: Unfair

Very ridiculous amount for a whole Flour Mills!

Mpeace:
Have they disclosed the amount to be paid to each shareholder? I don't think the scheme document has been sent. The might pay higher than 70

It's N70
Its there in the scheme of arrangement document

https://doclib.ngxgroup.com/Financial_NewsDocs/FMN_-_PRESS_RELEASE_ON_SCHEME_OF_ARRANGEMENT.pdf


Meanwhile, I think anyone with Honeywell should still hold....
FLOURMILL has around 76.75% in Honeywell
We see how the new owner eventually handles Honeywell situation....
Possibly a share for share conversion ratio.
This is just my opinion.

Mpeace:
Have they disclosed the amount to be paid to each shareholder? I don't think the scheme document has been sent. The might pay higher than 70

@Sunrisepebble was right and spot on.. and we sincerely thank him/her for the insider insights.

Read line 3 of the Court Ordered Meeting below..
₦70 buyout price

chimex38:

@Sunrisepebble was right and spot on.. and we sincerely thank him/her for the insider insights.

Read line 3 of the Court Ordered Meeting below..
₦70 buyout price
Full link:
https://doclib.ngxgroup.com/Financial_NewsDocs/42176_FLOUR_MILLS_OF_NIGERIA_PLC-_NOTICES_OF_COURT_ORDER_MEETING_(COM)___COURT_ORDER_MEETING_(COM)_SEPTEMBER_2024.pdf

Flour Mills of Nigeria Plc Shareholders: What You Need to Know About the Upcoming Scheme of Arrangement

Flour Mills of Nigeria Plc is holding a Court-Ordered Meeting (COM) on November 14, 2024, where they’ll discuss and hopefully approve a Scheme of Arrangement. Below, I’ll break down what this means in simple terms.

What Is a Scheme of Arrangement?

Basically, Flour Mills of Nigeria is planning a major restructuring. Excelsior Shipping Company Limited (along with its subsidiary, Greywise Investment Solutions Limited) is buying out all the ordinary shares of Flour Mills at ₦70 per share. After this deal goes through, Flour Mills will no longer be listed on the Nigerian Exchange NGX).

Key Points for Shareholders:

1. Forced Buyout: If you hold shares in Flour Mills, you won’t have a choice. Your shares will automatically be sold at ₦70 each. Whether you like it or not, once the scheme is approved, you’ll receive the payout and no longer own shares in the company.
2. Delisting: Flour Mills will no longer be traded on the Nigerian Stock Exchange (NGX) once this process is completed. So, if you’re planning to trade Flour Mills shares in the future, that won’t be possible after the scheme takes effect.

Should You Buy the Shares Now?

• If the current price is below ₦70, there might be a small opportunity for profit. You could buy at a lower price and sell automatically when the buyout happens at ₦70 per share.
• However, if the market price is around or above ₦70, there’s no real point in buying more shares now. The buyout price is fixed, so there’s no upside.

What If You Already Hold the Shares?

• If you already own shares, it’s likely best to hold onto them until the scheme is finalized and you get paid ₦70 per share.
• But, if you think the market price might drop before the scheme goes through, you could sell early to lock in your gains. And re-buy at a lower price.

yMcy56:

It's N70
Its there in the scheme of arrangement document

https://doclib.ngxgroup.com/Financial_NewsDocs/FMN_-_PRESS_RELEASE_ON_SCHEME_OF_ARRANGEMENT.pdf


Meanwhile, I think anyone with Honeywell should still hold....
FLOURMILL has around 76.75% in Honeywell
We see how the new owner eventually handles Honeywell situation....
Possibly a share for share conversion ratio.
This is just my opinion.

70 naira is too poor. And they will still deduct 10% withholding tax. Na wa oh

chimex38:

@Sunrisepebble was right and spot on.. and we sincerely thank him/her for the insider insights.

Read line 3 of the Court Ordered Meeting below..
₦70 buyout price

seen. Thats just too poor.

Ladies and gentleman you are all welcome

Sunrisepebble:
. Let’s wait till our news drops this week. Strong Bull coming

chimex38:

After staying Static last year's between at 30-35 during the Great Bull run of 2023.

Now Managing just only 60-70% wrt inflation and buyout info, suddenly wants to delist at ₦70..

Flourmill has been grossly undervalued in the stock market cuz of their low dividend payout rate.

Now na to disappear at 70?..
They are bigger than this, even with the OS

Verdict: Unfair

The corruption in this country is taking different level.People even lucky see #70. How about me that got tired of holding for many yrs and complaining and decided to sell at #35or less if I am not wrong. The management of that company are like International breweries. THey are cooperate thieves .It is entities like this that are destroying nse image

yMcy56:

Very ridiculous amount for a whole Flour Mills!

Only if them get PZ kind of shareholders for the AGM.

Mpeace:
Have they disclosed the amount to be paid to each shareholder? I don't think the scheme document has been sent. The might pay higher than 70

Na 70 they go pay gaskia

Shareholders association for NAIJA na cruise

Mpeace:
70 naira is too poor. And they will still deduct 10% withholding tax. Na wa oh

Does that mean one effectively gets N63 per share as net?

Also apart from the 10 withholding, will there be the usual sell commissions as well?

Flour mill is yet to even pay 1.8 dividend declared for 2023 year end. Will they be paying everything together?

I hope we no gree for 70, that ridiculous buyout price.

Mpeace:
70 naira is too poor. And they will still deduct 10% withholding tax. Na wa oh

Can someone else please help confirm if WHT will indeed be applied on this N70?


While 27% upside (at N70) may still be manageable.
14% (at N63) becomes too ridiculous.

This is what I saw on PwC's website:

awesomeJ:


Can someone else please help confirm if WHT will indeed be applied on this N70?


While 27% upside (at N70) may still be manageable.
14% (at N63) becomes too ridiculous.

When gsk paid us for their divestment, them cut our 10% without any apology.

yMcy56:

Not known yet.......but I guess e go Waka up up more.
Hold if you have it.

I have 1 million units. Told my broker to get me more but its scarce like no man's business

Mpeace:
When gsk paid us for their divestment, them cut our 10% without any apology.

Wow...
That's too bad.

Streetinvestor2:
See job men.Even bulaba wife did better with her vegetables farm story.None of them reason the matter it would have been better taking the picture in the palm plantation. This way we for see how big the palm trees don reach and make good judgement.

Very soon it would be Elleh lake who are you as testimony

Who told you the purpose of their visit was to convince you to invest in the company? For all we know, there could have been an NDA (no photos permitted in the farm)?

Touch base with any of "hustlers" and see if you can glean any useful info from them? Or you reckon they are clueless and ignorant? Possibly under Chuka's spell so can't make sound judgement?

Baba how far? Wetin una see for the farm sef? Na audio? Chuka sabi wetin him dey do abi him wan scam us?

To cast aspersions on persons you don't know without doing any tangible research is not the best in my opinion. Like I explained in my post about puzzles, you may prefer all the pieces of the puzzles are arranged before you make your investment decisions which is equally smart and safe but respect people who without seeing yet believe 😄

I hope you don't perceive my post as an attack or defence. I be referee or spectator sef....haha. Please check in with that your chairman to see if he knows anything about Ellah Lakes. I know his opinion is gold to you. For me wey I no get chairman anywhere, my research is gold. It's all I got. 😉

Ellah Lakes is making the right moves both strategically and operationally. Do your own research.

Disclaimer - Not suggesting anyone should buy or sell Ellah Lakes just providing usual commentary. 😉

Ades1:



Them wan choke everybody

Na to go find 0-1% loan for UK or US bring it to Nigeria and collect 28%. If not for the fear of devaluation, everywhere suppose be stew

Na during pres Jonathan’s time was good one ..Fx Rates were pretty stable 150 to 154 .. Tbills locked at a good rate , enough liquidity for repatriation b4 the rate went up ( End of his tenure)..Same pres MB Ist tenure ( Defended naira for a while . Think Tbills rate was 17 - 22%
But to try this one now …Maybe later

chimex38:

After staying Static last year's between at 30-35 during the Great Bull run of 2023.

Now Managing just only 60-70% wrt inflation and buyout info, suddenly wants to delist at ₦70..

Flourmill has been grossly undervalued in the stock market cuz of their low dividend payout rate.

Now na to disappear at 70?..
They are bigger than this, even with the OS

Verdict: Unfair

I hope shareholders will reject this and insist on a minimum of N100


Flour Mill is the first company on NGX to attain a revenue of ove N1 Trillion. Unfortunately the net margin is usually lower than 2% and a return on equity of about 5%.

Ades1:



Them wan choke everybody

Na to go find 0-1% loan for UK or US bring it to Nigeria and collect 28%. If not for the fear of devaluation, everywhere suppose be stew

two problems with your proposition

1. Rates are WAY higher in the west now

AND

2. Forex Risk is still very high (which of course you brilliantly mentioned)

Some people will rather borrow at >5% in the US and try their luck in the NASDAQ

Hammering is a big possibility using that format

4 for 5

yMcy56:
REGENCY
Corporate Action.....

https://doclib.ngxgroup.com/Financial_NewsDocs/42175_REGENCY_ALLIANCE_INSURANCE_PLC-CORPORATE_ACTION_ANNOUNCEMENT_CORPORATE_ACTIONS_SEPTEMBER_2024.pdf

Sadly this was all premeditated...

The last throw of the dice rests with the 'authentic holders' and I sincerely hope they will turn up and outrightly reject this scheme.

Going by SEC rules, ₦70 is a generous buyout (highest CP in last 6months was ₦46) but faithful shareholders deserve more.

chimex38:

After staying Static last year's between at 30-35 during the Great Bull run of 2023.

Now Managing just only 60-70% wrt inflation and buyout info, suddenly wants to delist at ₦70..

Flourmill has been grossly undervalued in the stock market cuz of their low dividend payout rate.

Now na to disappear at 70?..
They are bigger than this, even with the OS

Verdict: Unfair

emmanuelewumi:



I hope shareholders will reject this and insist on a minimum of N100


Flour Mill is the first company on NGX to attain a revenue of ove N1 Trillion. Unfortunately the net margin is usually lower than 2% and a return on equity of about 5%.

This would be a good one, but if they put the thing to vote at the COM, doesn't Excelsior have a commanding say? Putting the minority holders out of options.

In this sort of thing, since Excelsior is makitg the offer, they shouldn't have any day at all na.

It should be the minority holders alone that decide whether or not to accept.

KarlTom:
Sadly this was all premeditated...

The last throw of the dice rests with the 'authentic holders' and I sincerely hope they will turn up and outrightly reject this scheme.

Going by SEC rules, ₦70 is a generous buyout (highest CP in last 6months was ₦46) but faithful shareholders deserve more.

Buying out FMN at 280bn still looks cheap. That's just about 0.18x revenue.

awesomeJ:

This would be a good one, but if they put the thing to vote at the COM, doesn't Excelsior have a commanding say? Putting the minority holders out of options.

In this sort of thing, since Excelsior is makitg the offer, they shouldn't have any day at all na.

It should be the minority holders alone that decide whether or not to accept.

Person rent part of his house give. He turned around and says he is not doing again. Wetin Una still dey wait for bayi. As long as he has 51% of the shares, Una no get say abi are you a chosen?😂

Streetinvestor2:
The corruption in this country is taking different level.People even lucky see #70. How about me that got tired of holding for many yrs and complaining and decided to sell at #35or less if I am not wrong. The management of that company are like International breweries. they are cooperate thieves .It is entities like this that are destroying nse image

Companies are learning exit strategies from one another. when balance sheets and earnings are set, then they exit for themselves..

megawealth01:


Na 70 they go pay gaskia

Shareholders association for NAIJA na cruise

Bitter truth..

yMcy56:

It's N70
Its there in the scheme of arrangement document

https://doclib.ngxgroup.com/Financial_NewsDocs/FMN_-_PRESS_RELEASE_ON_SCHEME_OF_ARRANGEMENT.pdf


Meanwhile, I think anyone with Honeywell should still hold....
FLOURMILL has around 76.75% in Honeywell
We see how the new owner eventually handles Honeywell situation....
Possibly a share for share conversion ratio.
This is just my opinion.

And you think he won't buy out Honeywell shareholders too?

KarlTom:
Sadly this was all premeditated...

The last throw of the dice rests with the 'authentic holders' and I sincerely hope they will turn up and outrightly reject this scheme.

Going by SEC rules, ₦70 is a generous buyout (highest CP in last 6months was ₦46) but faithful shareholders deserve more.

Sadly,
I believe aside being majority Shareholders, and complying with the 20% free float, I assume FloorMill indirectly controls 80-90% of the free float, given the rigidity of the share price and less liquidity.

The "Authentic Shareholders" as you stated will be far less in number with less voting power if any.
(my opinion, not a fact)

And sadly you are right, ₦70 buyout price will appear generous given the historic 6months price.