Investors Will Receive Free Shares From MTN Nigeria

MTN Nigeria Communications Plc is finalising plans to distribute free shares to investors who joined the business during its December 2021 public offering for sale.

MTN Nigeria announced that it was finalising plans to award incentive shares to shareholders who purchased through its public offer and held onto at least 20 ordinary shares between January 31, 2022, and January 31, 2023. This information was contained in a regulatory filing made over the weekend.

In its December 2021 public offer for sale, the communications company had incorporated a cutting-edge incentive structure that provided one free share for every 20 purchased, up to a maximum of 250 free shares per investor.

As a result, qualifying investors who hold the shares assigned to them for a full year until the end of January 2023 will receive an additional 4.28 million shares.

According to the corporation, following receiving the necessary regulatory permission, all qualified shareholders listed on the company’s register as of January31, 2023, will have their incentive shares credited to their accounts with the Central Securities and Clearing System.

A subscriber must have held at least 20 shares for the previous 12 months and be listed on the company’s register as of January 31, 2023 in order to qualify for the incentive shares.

A total of N135.53 billion, or 39.5% more than the N97.18 billion public offering price, was subscribed to by MTN Nigeria.

575 million ordinary shares of 50 kobo each were made available by MTN Nigeria to the general investing public at a cost of N169 per share. The application period for the offer began on December 1 and ended on December 14 at 5:00 p.m. as planned.

You can read more of such stories at Credible News.

In accordance with the terms of the offer, which permitted the issuer to absorb an additional 15% of subscriptions, additional 86.25 million shares were added, according to the allocation information given by MTN Nigeria.

A breakdown revealed that while institutional shareholders under the book-building phase were pro-rated as a result of the oversubscription, retail owners received their entire allocation notwithstanding the oversubscription.

In a significant step toward financial inclusion and gender parity, 114,938 new accounts from new market participants were opened at the stock exchange, and 76% of applicants who were successful on the digital platform were women, with 85% of them being under 40.

The permitted 15% oversubscription clause of an extra 86.25 million MTN Nigeria shares was activated as a result of the receipt of valid applications for 801.97 million shares. There were 661.25 million total shares distributed.

You can read more of such stories at Credible News and The Cheer News

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