Xenergi Limited, the recently established core investor in Premier Paints Plc, has initiated a tender offer to acquire 2 million ordinary shares of the paint manufacturer. This represents a 1.6 per cent equity interest in the company.

The offer is being made to all minority shareholders of Premier Paints, as required by the Investments & Securities Act of 2025. Xenergi recently acquired a significant stake, holding 49.60 per cent of the issued and paid-up share capital, amounting to 61,003,350 ordinary shares.

AIICO Capital is acting as the financial adviser to Xenergi Limited for this tender offer. The offer period commences on June 22, 2026, and will conclude on July 17, 2026.

Shareholders who accept the tender offer will receive a cash consideration of N38 per share, net of any applicable taxes. This price is notably higher than Premier Paints' current trading price of N33.75 per share.

The board of Premier Paints has reviewed the offer and its potential benefits for all shareholders. They have concluded that the offer is fair and have unanimously recommended that shareholders accept it.

Xenergi Limited's CEO, Emeka Ene, stated that any tendered shares for the financial year ended December 31, 2025, will not be entitled to dividends or distributions. Qualifying shareholders have the option to withdraw their tendered shares at any time until July 3, 2026, which is 10 days after the offer's opening date.