Share Support Service

Scheme of Oceanic Acquisition bt ETI and resultant ETI shares allotted
Quoting from the Scheme of Arrangement, terms and reconstruction recommended by the board and approved by Oceanic shareholders. " Through the scheme, holders of Oceanic bank shares so cancelled shall: RECEIVE 1 ordinary share of US$0.025 and 0.428 preference shares of US$0.1032 in Ecobank Transnational Incorporated credited as fully paid FOR every 20 ordinary shares of 50 Kobo previously held by them in Oceanic bank prior to the Effective Date." Therefore, by my calculation, 155,000 units of Oceanic shares should translate to 7750 ordinary shares of ETI and 3317 preference share of ETI. I received a certicate for 6750 ordinary shares of ETI and a certificate for 2889 preference shares of ETI. Is my arithmetics faulty? Or is there any other inputation or interpretation that I am not aware of? Also, what's the merit of printing certificates when the ordinary shares could have been posted into shareholders CSCS accounts?

Filed by: Oribi Bipialaka Oribi    Directed To: EDC Securities Limited   Status:

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