MTN Distributes 3.9m Incentive Shares To 120,359 Investors

MTN To Merge With Finance Subsidiaries
MTN To Merge With Finance Subsidiaries
MTN Nigeria, has announced that it has distributed allotment of over 3.9 million incentive shares to 120, 359 qualified shareholders.

Telecommunication company, MTN disclosed this in a notice which was signed by the company secretary, Ufo Ukpanat, on Wednesday, that the incentive offer became effective on January 31, 2023. The notice also revealed that the offer was earlier made in December 2021 but was completed in January 2023,  which is the date which the Securities & Exchange Commission cleared the offer allotment.

This offer also includes an incentive of one ordinary share for every 20 ordinary shares purchased. While shareholders who are qualified for this incentive shares are those who purchased and were allotted at least 20 ordinary shares in the offer and have held some or all the shares allotted at the offer as of the qualification date, which is 31 January 2023. This offer is, however, subject to those who held at least 20 ordinary shares; and those whose names were on the register of members at the date of qualification.

This implies that 120,359 investors, which represents 94.77% of those who participated in the offer, are qualified to receive the incentive shares which totaled 3,977,418 MTN ordinary shares.

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