Holders of outstanding Unilever NV 6% and 7% cumulative preference shares were ordered by the Amsterdam Court of Appeal to transfer their shares to Unilever PLC subsidiary Unilever Corporate Holdings Nederland BV, or UCHN, according to a March 28 statement by the Anglo-Dutch consumer products company.
Unilever NV applied for delisting of the shares from Amsterdam's Euronext, and it is scheduled to take place April 5. The last day of trading will be April 4.
The buyout price for the transferred shares will be that of the company's €450 million partial cash offer for the 6% and 7% cumulative preference shares on Oct. 11, 2017, added with statutory interest as of Nov. 3, 2017, until the date of transfer to UCHN. In October 2017, Unilever had offered €307.80 for each 6% cumulative preference share, €3,262 for depositary receipts for 7% cumulative preference subshares and €326.20 for 7% cumulative preference subshares with no depositary receipts.
For preference shares that remain untransferred on or around April 16, UCHN will deposit their buyout price into the Dutch Ministry of Finance's consignment fund, and the remaining shares will go to UCHN according to law. Remaining former shareholders can then receive payment at the buyout price from the ministry fund.
Earlier in March, the maker of Dove soaps and Axe men's grooming products said it was ending its dual Anglo-Dutch status by introducing a new corporate structure that will include unified corporate headquarters in the Netherlands and one class of shares to be listed in London, Amsterdam and New York.