MTN Nigeria concludes allotment of incentive shares to qualified shareholders

MTN Nigeria Communications Plc has notified the market of the successful allotment of the Incentive Shares to qualified shareholders, as promised to the participating investors in the December 2021 Offer for Sale, which was completed on January 31, 2022.

The Offer included an incentive 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 to encourage retail participation.

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 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, 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, a total of 120,359 investors, representing 94.77% 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 allotted shares through the Offer to approximately 665.23 million.

The Incentive Shares have been credited to the Central Security Clearing System (CSCS) accounts of qualified shareholders from the shares held by MTN International (Mauritius) Limited.