NSE’s Demutualisation Progresses as Members Meet on Share Allotment, Board
The demutualisation process of the Nigerian Stock Exchange is nearing its peak as the members of the exchange will meet on March 3, to approve a change in the name of the exchange and allotment of shares in accordance with the scheme of arrangement.
The company will have authorised share capital of N1.250 billion dividend into 2.5 billion ordinary shares of 50 kobo each. The will also approve the shares allotment ratio of 78:22 for dealing members and ordinary members respectively. Apart from the court-ordered general meeting the an extra-ordinary general meeting would be held on the same in Lagos to elect board members for the company among others resolutions to the considered and passed.
“Now that we have seen the ‘No objection’ letter from the SEC in December, we are now putting in place final touches to have the court ordered meeting and the EGM. There will be significant engagement with investors, press and our primary constituency, the brokers and other members of the exchange and the general public. So there is a very robust plan already in place.
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