MTN Nigeria Plc has announced the imminent execution of its planned allotment of incentive shares to qualified shareholders who participated in its first public offer.
This was contained in a corporate disclosure that was signed by Company Secretary Uto Ukpanah, as seen on the Nigerian Exchange Limited.
How to Qualify:
To qualify for incentive shares, shareholders must meet the following three key conditions-
1. Purchase and be allotted at least 20 ordinary shares of the offer.
2. Holding some or all of the shares allotted at the offer as of the qualification date of 31 January 2023 but subject to holding at least 20 ordinary shares.
3. The name must appear in the register of members at the qualification date.
4. Qualified shareholders will have their incentive shares credited to their CSCS accounts after the qualification date and after obtaining the requisite regulatory approvals.
The Backstory:
Recall that the offer for the sale of 575 million ordinary shares of MTN Nigeria was completed on 31 January 2022.
The terms of the offer included an incentive of one ordinary share for every twenty ordinary shares purchased and allotted up to a maximum of 250 ordinary shares.
The incentive shares will be allotted to qualified shareholders who participated in the offer and held all or some of their offers shared continually from 31 January 2022 to 31 January 2023.
The offer saw 114,938 new CSCS accounts opened for representing new market participants, with roughly 76 per cent of successful applicants via digital platforms being women and 85 per cent below the age of 40.
MTN is currently Nigeria’s second biggest company by market value with a market capitalisation of N4.7 trillion.