NSE Delists Entire 23.2Bn Diamond Bank Shares

The entire 23.160 billion ordinary shares of 50 kobo each of Diamond Bank have been delisted from the trading platform of the Nigerian Stock Exchange (NSE).

The shares, which were before now suspended from being traded on the stock exchange, were removed from the market on Monday, April 01, 2019 (today).

This action followed the merging of Diamond Bank Plc with Access Bank Plc after a federal high court in Lagos approved the transaction between both lenders.

In the deal, Access Bank agreed to offer Diamond Bank shareholders N3.13k per share, comprising of N1.00 per share in cash and the allotment of two new Access Bank ordinary shares for every seven Diamond Bank ordinary shares held as at the implementation date, December 13, 2018.

Confirming our report on Monday, the NSE released a circular, saying it approval the listing last Friday as we reported and that they were fully admitted on its trading platform Monday.

“Further to the Market Bulletin of 20 March 2019, with Reference Number: NSE/LARD/LRD/MB19/19/03/20, wherein the market was notified of the suspension of trading in the shares of Diamond Bank Plc, following the Court Sanction of the Scheme of Merger (Scheme) between Access Bank Plc and Diamond Bank Plc, Dealing Members are hereby notified that the National Council of The Nigerian Stock Exchange on Friday, 29 March 2019 approved the listing of 6,617,253,991 ordinary shares of 50 Kobo each of Access Bank Plc resulting from the Scheme.

“Consequently,  the  resultant  Scheme shares of 6,617,253,991 ordinary shares of 50 Kobo each of Access Bank Plc, were listed today, Monday, 1 April 2019, while the entire 23,160,388,968 ordinary shares of Diamond Bank Plc were delisted from the Daily Official List of The Exchange today, Monday, 1 April 2019.

“With the listing of the additional 6,617,253,991 ordinary shares arising from the Scheme, the total issued and fully paid up shares of Access Bank Plc has increase from 28,927,971,631 ordinary shares to 35,545,225,622 ordinary shares of 50 Kobo each,” the circular said.