The resolutions passed at the 74th Annual General Meeting of PZ Cussons Nigeria Plc, which approved a reduction in the company’s share capital, have been canceled by shareholders at the 75th AGM held in Abuja.

The decision to overturn the previous resolutions was unanimously reached, as stated in a filing with the Nigerian Exchange Limited on Tuesday.

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This reversal follows PZ Cussons Nigeria’s announcement that its majority shareholder, PZ Cussons (Holdings) Limited, had proposed to acquire shares from other shareholders.

Initially offering N21 per unit, the offer was later increased to N23 per share in early November.

During the latest AGM, the company presented its Audited Financial Statements for the year ending May 31, 2023.

Shareholders unanimously passed resolutions canceling the previous decisions on the reduction of share capital.

These included the cancellation of unissued ordinary shares, resulting in adjustments to the share capital from N4,000,000,000 to N3,970,477,045 and from N2,000,000,000 to N1,985,238,552.50.

Additionally, the resolution related to amending the Memorandum of Association and Clause 3 of the Articles of Association to reflect the adjusted share capital was also annulled.

The PZ Cussons board emphasized that the share buyback offer was considered in light of ongoing challenges in obtaining foreign currencies for trade debts.

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The decision was influenced by the company’s reliance on the PZ Cussons Group for financial support, aiming to simplify and strengthen operations in Nigeria for long-term strategic goals.