Shareholders of Access Bank PLC have given the board the approval to pursue the scheme of the merger between the company and Diamond Bank PLC.
At a Court Ordered Meeting (COM) held on Tuesday, 98 per cent of the shareholders gave their consent that all assets, liabilities and undertaking including real property and intellectual property rights of Diamond Bank would be transferred to Access Bank, thus dissolving Diamond Bank without being wound up.
Also under the Scheme of Merger, Diamond Bank shareholders are to be paid One Naira per each issued and paid-up ordinary shares held as at the time of the Court-Ordered Meeting.
Shareholders also commended the decision of the management team to give Diamond Bank shareholders a soft landing with the offering of One Naira per ordinary share, while expressing their optimism of a glorious future for the bank.
In his comment, Sunny Nwosu of the Independent Shareholders Association of Nigeria (ISAN), Sunny Nwosu, expressed confidence and trust that the merger will be a successful one while advocating for a special dividend to pushing the effect of the dilution for existing shareholders of Access Bank.