MTN Nigeria has announced it will allot the incentive shares on its last offer to qualified shareholders on January 31, 2023, a statement released to the Nigerian Exchange Group (NGX) has shown.
MTN Nigeria in December 2021 offered for sale a total of 575 million shares held in MTN Nigeria by MTN International (Mauritius) Limited. According to the telecommunications giant, the offer then included an incentive scheme of one ordinary share for every twenty ordinary shares purchased and allotted, and up to a maximum of two hundred and fifty ordinary shares.
“The incentive shares will be allotted to qualified shareholders who participated in the offer and held all or some of their offer shares continually from 31 January 2022 to 31 January 2023(the qualification date),” Uto Ukpanah, company secretary, announced through a statement to the NGX.
MTN said the incentive offer was floated in order to encourage participation in the offer, and only investors who purchased and were allotted at least 20 shares in the last offer would be allotted.
Additionally, MTN listed three conditions which must be fulfilled for shareholders to qualify for the incentive shares and these include that the shareholders in question must have purchased at least 20 shares in December 2021, and that as at 31 January 2023, the shareholders still hold all or some of the shares they were allotted, and their names appear in the register of members.
“If you qualify, you will receive one ordinary shares for every 20 ordinary shares purchased and allotted in the December 2021 offer. Note that the maximum number of incentive shares is 250 units, based on a holding of 5,000 shares. No fractional shares will be allotted,” MTN added.
On how the company will determine who qualifies amongst its shareholders, it said that Coronation Registrars, the company’s registrars, would determine and confirm the names of investors who purchased MTN Nigerian shares in the December 2021 offer, and who still hold all or come of the shares as at 31 January 2023.
MTN also assured the qualified shareholders that their incentive shares will be deposited in their Central Securities Clearing System’s (CSCS’) accounts as of the qualification date.
