Circular to the General Public On Multiple Subscriptions In Public Offers

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Circular to the General Public On Multiple Subscriptions In Public Offers

Wednesday, June 21, 2017 12:55 PM / SEC

The Securities and Exchange Commission wishes to notify the general public on how reported cases of multiple subscriptions to public offers would be treated. 

Multiple subscriptions to public offers occurred during the market boom when investors joggled their names in different forms to enable them purchase more than the permitted units of shares in public offers.  

The Commission being aware of the negative effect of this act to the market, constituted a market wide committee with the aim of proposing the manner by which securities as well as dividends accruing to such persons via multiple applications should be treated. 

The Committee concluded its assignment, and its recommendations were adopted by the entire capital market community. Consequently, the commission on behalf of the Nigerian capital market community whishes to inform the general public as the follows: 

1.       Forbearance is hereby granted to investors whose identities can be verified. Concerned investors are therefore advised to contact their stockbrokers or registrars with proof of identity (SEC Approved KYC) to consolidate their accounts on or before 1st September, 2017, failing which, all Securities and accruing dividends shall be transferred to the Nigerian Capital Market Development Fund. 

2.      With regard to Securities which have not been claimed and cannot be verified, such securities as well as accruing unclaimed dividends shall be transferred to the Nigerian Capital Market Development Fund.  

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