NSE mulls listing by introduction, seeks members’ approval

The Nigerian Stock Exchange (NSE) will be seeking members’ approval to undertake a listing by introduction at the 59th Annual General Meeting (AGM) slated for November 18.

The NSE disclosed this in a notice signed by Mrs Mojisola Adeola, the Council Secretary, posted on its website on Wednesday to notify members of the AGM.

The notice said that “subject to the receipt of requisite approvals of relevant regulatory authorities, following the conversion and re-registration of the Exchange as Nigerian Exchange Group Plc, the Nigerian Exchange Group Plc be and is hereby authorised to undertake a listing by introduction of its shares on Nigerian Exchange Ltd.”

It said that the securities license of the NSE would be transferred through the listing of 2,004,199,917 ordinary shares of 50k each in the issued share capital of the Exchange.

According to the notice, the members will pass a special resolution to empower the National Council to continue to serve as council members until the Securities and Exchange approval to operate as a demutalised entity.

The notice, under the special business category, said that the structure of the Exchange would be maintained pending the transfer of the securities exchange license to Nigerian Exchange Ltd.

The notice also informed members to nominate proxies to attend and vote on their behalf due to COVID-19 pandemic.

It noted that “the guidelines issued by the Corporate Affairs Commission (CAC) on holding of AGM of companies using proxies shall be complied with.”

“Members are required to appoint a proxy of their choice from the list of nominated proxies below: Otunba Abimbola Ogunbanjo; Mrs Catherine Echeozo; Mr Oluwole Adeosun; Chief Patrick Ezeagu and Mr Sam Ndata,” it added.

The notice said that the AGM would be streamed live to enable members and other stakeholders who are unable to physically attend to follow the proceedings online. 

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