PZ Cussons Nigeria delays financial statements amid ongoing audits

The Board of PZ Cussons Nigeria Plc has announced a delay in the release of its Full-Year audited financial results due to an ongoing audit.

This was disclosed in the company’s statement to the Nigerian Exchange Limited (NGX) and seen by Nairametrics.

Reasons for the delay

According to the statement signed by the Acting Company Secretary, Olubukola Olonade-Agaga, the delay in the publication of the Audited Financial Statements for the Full Year ended May 31 2023, is due to the completion of audit activities.

Here’s what the statement reads:

• “The Directors of PZ Cussons Nigeria Plc hereby notify the Nigerian Exchange Limited (“NGX”) and the investing public that the Company was unable to comply with the timeline to file its Audited Financial Statements for the year ended 31 May 2023 by the due date of 29 August 2023.
• We confirm that our audit process is ongoing, however, there are still some assurance processes necessary to complete the audit. We affirm that on or before the end of September 2023, we should be in a position to confirm when the Audited Financial Statements will be released to the market.” 

What You Should Know

PZ Cussons Nigeria Plc (PZCN) announced that PZ Cussons (Holdings) Limited plans to purchase all outstanding shares from its shareholders at a rate of N21 per share.

Nairametrics learns that PZCN currently has 3,970,477,045 shares listed on the Nigerian Exchange Limited (NGX).

This proposed transaction is however contingent upon approval by PZCN’s board, the company’s shareholders, and the necessary regulatory authorities according to a statement signed by its Ag. Company Secretary, Olubukola Olonade-Agaga on the floor of the NGX.

In an interesting turn of events, minority shareholders of PZ Cussons Nigeria Plc rejected the offer price of N21 per share being proposed by PZ Cussons (Holdings) Limited, the Core Shareholder, to acquire all the other shareholders of the company.

In an exclusive chat with Nairametrics, the shareholders said the consideration is unacceptable and would be challenged in court to get fair value for their shares.