RIPPLES NIGERIA
MTN Nigeria offered incentive shares to shareholders that participated in its share offer conducted in January last year after the company failed to grow its investment in the industry.
In a circular dated January 20, 2023, and addressed to investors, the mobile telecommunication giant said the incentive shares would be allotted to shareholders on certain conditions.
The document was obtained by Ripples Nigeria on Saturday.
To qualify for the incentive shares, qualified shareholders must have held on to all or some of the offer shares acquired in January last year for 12 months period.
The document read: “The Offer for sale of 575 million ordinary shares of MTN Nigeria held by MTN International (Mauritius) Limited (the offer) was successfully completed on 31 January 2022, the date on which the Securities and Exchange commission’s (SECS) clearance of the Offer allotment was obtained.
“The terms of the Offer included an incentive of one (1) ordinary share for every twenty (20) ordinary shares purchased and allotted (the Incentive shares) up to a maximum of two hundred and fifty (250) 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).
“To quality, a shareholder must meet all 3 conditions below: Purchased and was allotted at least 20 ordinary shares in the Offer; Holds some or all of the shares…
