MTN Nigeria Communications Plc has announced that qualified shareholders will receive incentive shares.
Uto Ukpanah, company secretary of MTN Nigeria Communications, said in a signed statement on Wednesday that the offer included a bonus of one ordinary share for every 20 ordinary shares purchased.
He also stated that the incentive shares are limited to a total of 250 ordinary shares in order to encourage retail investors.
MTN had promised in 2021, one free share for every 20 shares with a maximum of 250 free shares per investor.
The company had stated that the incentive shares would not be distributed to investors until January 31, 2023, after one year of holding as required by the terms of the public offering.
According to Ukpanah’s statement, the Securities and Exchange Commission (SEC) approved the offer allotment, and 120,359 investors received the incentive.
“As disclosed in the offer prospectus, the incentive became effective on January 31, 2023 (the qualification date), being 12 months following the SEC’s clearance of the offer allotment,” the statement reads.
“The shareholders who qualified for the incentive shares are those who purchased and were allotted at least 20 ordinary shares in the offer; held some or all the shares allotted at the offer as at the qualification date, 31 January 2023 but subject to holding at least 20 ordinary shares; and whose names appeared in the register of members at the qualification date.
“Consequently, 120,359 investors, representing 94.77 percent of those who participated in the offer, qualified to receive the incentive shares totalling 3,977,418 ordinary shares of MTN Nigeria.
This brings the total shares allotted through the offer to approximately 665.23 million.”
