By Chinwendu Obienyi
MTN Nigeria Plc has announced an imminent execution of its planned allotment of incentive shares to qualified shareholders who participated in its first public offer.
This was contained in a corporate disclosure seen on the Nigerian Exchange Limited (NGX)’s website that was signed by Company Secretary, Uto Ukpanah.
The Company noted that shareholders must meet the key conditions to qualify for the incentive shares.
The disclosure said, “Purchase and be allotted at least 20 ordinary shares of the offer, Holding some or all of the shares allotted at the offer as of the qualification date of January 31, 2023, but subject to holding at least 20 ordinary shares and the name must appear in the register of members at the qualification date.
Qualified shareholders will have their incentive shares credited to their CSCS accounts after the qualification date and after obtaining the requisite regulatory approvals”.
MTN’s offer for the sale of 575 million ordinary shares of MTN Nigeria was completed on January 31, 2022.
The terms of the offer included an incentive of one ordinary share for every twenty ordinary shares purchased and allotted up to a maximum of 250 ordinary shares.
Furthermore, the incentive shares will be allotted to qualified shareholders who participated in the offer and held all or some of their offers shares continually from January 31, 2022 to January 31, 2023.
The company’s shares currently stand at N229.90 per share.