MTN Nigeria concludes allotment of incentive shares to qualified shareholders

MTN Nigeria Communications Plc has notified the market of the successful allotment of the Incentive Shares to qualified shareholders.Information Guide Nigeria

This was disclosed in a signed statement on Wednesday, by the company’s secretary, Uto Ukpanah.

According to THE CABLE, Uto Ukpanah said the offer included an incentive of one ordinary share for every 20 ordinary shares purchased.

The incentive shares are allotted to a maximum of 250 ordinary shares to encourage retail investors.

Recall that in 2021, MTN had promised one free share for every 20 shares bought.NYSC Portal

However, it stated that the incentive shares would not be allotted to investors until January 31, 2023.

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The company’s secretary in the statement further stated,

“As disclosed in the offer prospectus, the incentive became effective on January 31, 2023 (the qualification date), being 12 months following the SEC’s clearance of the offer allotment,” the statement reads.

“The shareholders who qualified for the incentive shares are those who purchased and were allotted at least 20 ordinary shares in the offer; held some or all the shares allotted at the offer as at the qualification date, 31 January 2023 but subject to holding at least 20 ordinary shares; and whose names appeared in the register of members at the qualification date.

“Consequently, 120,359 investors, representing 94.77 percent of those who participated in the offer, qualified to receive the incentive shares totalling 3,977,418 ordinary shares of MTN Nigeria. This brings the total shares allotted through the offer to approximately 665.23 million.”JAMB Result

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