Turner Wright Nigeria Limited has terminated its business relationship with Big Time Holdings, Inc., (BTHI), and Williamsville Smith Management Limited (WSML), associated companies of the controversial Milost Global Inc. which claims to be “an American private equity firm”.
Milost had proposed to acquire seventy percent equity in the Nigerian company, a manufacturer of veterinary pharmaceuticals, in a deal worth USD150 million with disbursements expected to conclude within four years. The investment was subsequently vested in BTHI, one of Milost’s publicly trading entities in the OTC market of the New York Stock Exchange through which it planned to raise capital and fund the transaction. The investment, which had WSML as the initial Special Purpose Vehicle for the transaction failed and was subsequently vested in BTHI.
BTHI, like WSML before it, then proceeded to have an agreement with Turner Wright which would cede seventy percent of the company to BTHI through a share exchange upon funding and disbursement of agreed capital.
But in a termination letter signed by its Chairman and CEO, Dr. Tunde Lawal, Turner Wright Ltd declared “the agreement shall stand terminated with the effective date of 14 May, 2019.” Dr. Lawal explained that the termination became necessary following non-performance on the part of both (Milost and BTHI) parties, saying “the object of the share exchange agreement had not materialized by dint of non-performance on the part of both parties; shares were never exchanged between Turner Wright and BTHI…. This brings to a close the relationship between Turner Wright Limited and BTHI.” According to analysts, the development returned Turner Wright’s fortunes to status quo without encumbrance.
In May 2018, Turner Wright Limited executed an Agreement with the New york-based Milost Global Inc. The facility was supposed to grant Turner Wright a facility for up to USD150 million (USD50 million equity and USD100 million Convertible Note).
Turner Wright said none of Milost’s promises materialized and that in view of the latter’s erroneous and misleading claims, it had no option but to dissociate itself from Milost Global and its associated organizations.
Big Time Holdings (BTHI) had issued a press release as early as 31 October 2018 about their filing with the US Securities and Exchange Commission, reporting the “completion of acquisition or disposition of assets” and “change in shell company status” involving Turner Wright – when the share exchange have clearly not taken place yet, nor the corresponding money draw-downs to TWL been remitted.
It will be recalled that the Nigeria Stock Exchange, NSE, had announced that it was investigating MilostGlobal’s
Turner Wright Limited (TWL), a Nigerian pioneer in the local manufacture of veterinary pharmaceuticals and feed premixes, is one of the top three Nigerian companies in animal health and nutrition industry. It commenced its local manufacturing endeavor in 2008 for several anti-parasitic products and multivitamins. In 2011, the production for premixes was rolled out in a leased property in Ojodu, Lagos.