Investors and the Nigerian Exchange Group were notified that Greif Nigeria Plc is still in the process of voluntary liquidation in a notification titled Status of Members Voluntary Winding up of Greif Nigeria Plc that was viewed by THE MATRIX.
The statement stated that all required actions have been finished and submitted to the Corporate Affairs Commission (CAC), including the appointment of a liquidator, shareholder approval of the wind-up, submission of the statement of assets and liabilities, and media articles.
The Liquidator’s signed declaration states that the corporation is now working to resolve its tax obligations as well as other debts and liabilities. The company’s registrars, all crown registrars, will be notified to enable the appropriate final payouts to shareholders.
The statement reads: “By way of background, pursuant to a resolution of Greif Nigeria Plc (the “Company”) dated 31 January 2022, the Company resolved to voluntarily wind up its affairs and I, Inam Wilson, was duly appointed as a liquidator. My appointment as liquidator was subsequently confirmed by the Corporate Affairs Commission (“CAC”) through a letter dated 4 April 2022.
In light of the above, and by way of update, this announcement is to notify the Nigerian Exchange Group and the investing public that the members voluntary winding up of Greif Nigeria Plc (“the Company”) is still undergoing its liquidation.
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The shareholder’s resolution appointing the liquidator and approving the voluntary winding up, the statement of assets and liabilities and newspaper publications have all been filed with the CAC. The settlement of the Company’s tax liabilities and other debts/liabilities is currently ongoing.
The Company’s registrars (All Crown Registrars) will be contacted to make the final distributions to the shareholders where applicable.
Following the settlement of the debts and liabilities, a final general meeting of the company will be called where the liquidation account will be laid before the shareholders”.
THE MATRIX reported two years ago that Nigerian Exchange Limited had suspended trading the shares of Greif Nigeria Plc to ensure a smooth wind-up process.
This followed the approval of the shareholders of Greif Nigeria Plc at its annual general meeting (AGM), which was held on 31 January 2022, authorizing the commencement of the process of voluntary wind-up of the company and in accordance with Section 622 of Companies and Allied Matters Act (CAMA) 2020.
Greif Nigeria had, in 2019, announced its plans to delist from the Nigerian Exchange. The manufacturer of steel drums and plastic containers took the decision 11 months after it suspended its operation.
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Aside delisting from the stock exchange, Greif Nigeria also plans to sell its assets in Nigeria for a price that will be determined by the company’s board.
NGX in a statement said: “Further to the approval of the shareholders of Greif Nigeria Plc at its Annual General Meeting which held on 31 January 2022 authorizing the commencement of the process of voluntary winding up of the Company and in accordance with Section 622 of Companies and Allied Matters Act (CAMA) 2020 which states that a voluntary winding-up shall be deemed to commence at the time of the passing of the resolution for voluntary winding-up.”,
NGX Regulation Limited (NGX RegCo) wishes to notify all Trading License Holders and the investing public that it has suspended trading in the shares of Greif Nigeria Plc effective on Monday to ensure a smooth winding-up process.
This is in line with Section 624 of CAMA 2020 which provides that “A transfer of shares, not being a transfer made to or with the sanction of the liquidator, and any alteration in the status of the members of the company, made after the commencement of a voluntary winding-up, shall be void.”
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