NSE to complete demutualisation process, April 24 vanguardnews
This follows the Court-Ordered Meeting and Extra-Ordinary General Meeting scheduled to hold on March 4, 2020, where members of the Exchange are expected to sanction the planned demutualisation and also approve the appointment of the inaugural Board of Directors.
According to the Scheme of Arrangement between the Exchange and the shareholders/dealing member firms, each dealing member would get 6.01 million ordinary shares, while each ordinary member would get 2.44 million units post-demutualisation. Following the demutualisation, N1.25 billion comprising 2.5 billion ordinary shares and 2.
“The apportionment of two percent as the Claims Review Shares is based on an analysis of the probable quantum of shares that would be required to settle each claim. This was determined given the rigorous and robust process undertaken to verify and confirm the names on the Register,” the Exchange said.
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