Ecobank Transnational Incorporated (ETI) Plc has notified holders of the preference shares of the defunct Oceanic Bank International Plc to convert their preference shares to ordinary shares within the next four working days.
The conversion of the preference shares is one of the previously agreed resolutions upon the acquisition of Oceanic Bank International by ETI.
It would be recalled that by a resolution passed on September 14, 2011, the board of directors of ETI had approved the acquisition of Oceanic Bank. The terms of conversion of preference shares were recommended by the board of Oceanic Bank and approved by shareholders of Oceanic Bank shareholders and were included in the scheme of arrangement documents for the acquisition.
According to the terms of conversion, 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.