ETI gives one week grace to Oceanic Bank preference shareholders to convert to ordinary shares

Ecobank Transnational Incorporated (ETI) has advised Oceanic Bank preference shareholders to convert it to ordinary shares before October end.

The bank in a notice sent to the investing public through the Nigerian Stock Exchange (NSE) titled “Conversion of ETI preference shares to ordinary shares” said, Further to the earlier communication on this matter, you will recall that by a resolution passed on the fourteenth day of September 2011 the Board of Directors of Ecobank Transnational Incorporated (ETI) approved the acquisition of Oceanic Bank International Plc (Oceanic).

The lender further that, in line with the terms on conversion of preference shares recommended to Oceanic shareholders by the Oceanic Board as were stated in the Scheme of Arrangement documents and approved by Oceanic shareholders “The holders of the Preference shares shall have right, exercisable at any time between the third anniversary of the Issue Date and the fifth anniversary thereof, to convert their Preference Shares into Ordinary Shares in the Company. Each Preference Share, upon conversion, shall convert into 0.76923 Ordinary Share”.

“You may convert your preference shares up to Monday October 31, 2016. After the said date, you will not be able to convert your Preference shares anymore”, it stated.