Access Bank Shifts Time For Court-Ordered Meeting

Access Bank Shifts Time For Court-Ordered Meeting

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Post Views: 81 Further to its ongoing plans to merge its operations with Diamond Bank Plc, the board of Access Bank Plc, on Monday informed stakeholde...

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Further to its ongoing plans to merge its operations with Diamond Bank Plc, the board of Access Bank Plc, on Monday informed stakeholders through the Nigerian Stock Exchange (NSE) of a shift in the court-ordered meeting of its shareholders.
While the meeting as ordered by Justice O. O. Oguntoyinbo of the Federal High Court, Lagos, still hold on March 5, 2019, to approve among others the Scheme of Merger of both institutions, it is now slated for 9am, one hour earlier than previously advertised.
Shareholders will be required to consider and approve, if thought fit, with or without modification, the scheme of merger between both institutions.
Shareholders are also to approve the scheme of merger and that the authorize the directors to consent to any modification of the scheme as imposed by the Securities & Exchange Commission, the Central Bank of Nigeria and the court.
At the to be decided by way of poll (the number shares held to determine your voting power, where one unit equals one vote and one billion shares equates to one billion votes), the board has proposed that shareholders approve “the transfer of all the assets, liabilities and undertakings, including real properties and intellectual property rights of (Diamond Bank) to Access bank Plc, upon the terms and subject to the conditions set out in the Scheme Document… without any further act or deed.”
As consideration for the transfer of such assets, liabilities and undertakings, including real and intellectual property rights of Diamond Bank, its shareholders be paid “the sum of N1.00 per share for each issued and paid-up Diamond Bank ordinary share held at the date of the court-order meeting.”
In the earlier published document, the directors explained that as consideration, the meeting will also approve that the scheme be sanctioned by the court to the effect that Diamond Bank shareholders “be allotted two ordinary shares of 50 kobo each in Access Bank (credited as full paid) in exchange for every seven ordinary shares of the company… and be paid N1.00 for every share held in the company within 10 business days of the court sanction of the scheme.
“That the entire share capital of the company (Diamond Bank) be cancelled and the company be dissolved without winding up,” following which its solicitors be directed to seek orders of the court sanctioning the scheme and the foregoing resolutions, among others that may become necessary.”

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