MTN Nigeria Communications Plc (NGX: MTNN) has successfully completed the allotment of Incentive shares to qualified shareholders, as promised to participating investors in the December 2021 Offer for Sale.
MTNN notified the Nigerian Exchange and the Investing public on Wednesday that the allotment was completed on 31 January, 2022, the date on which the Securities & Exchange Commission (SEC) cleared the offer allotment.
The offer for sale had included an incentive of one (1) ordinary share for every twenty ordinary shares purchased and allotted up to a maximum of two hundred and fifty (250) ordinary shares.
The shareholders who qualified for the incentive shares were those who;
- Purchased and was allotted at least 20 ordinary shares in the offer.
- Held some or all of the shares allotted at the offer as at the qualification date, 31 January 2023 but subject to holding at least 20 ordinary shares.
- Whose names appeared in the Register of Members at the qualification date.
Consequently the company stated that 120,359 investors representing 94.77% of those who participated in the offer qualified to receive the incentive shares totaling 3,977,418 ordinary shares of MTN Nigeria.
The share allotment brings the total shares allotted through the offer to approximately 665.23 million.
The Incentive shares have been credited to the Central Securities Clearing System (CSCS) accounts of the qualifying shareholders from the shares held by MTN International (Mauritius) Limited.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur