Proshare Logo
   Market Date: 30-01-2015   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Elections Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

Market Abuse: Letter from Transcorp Plc to the NSE

Category: Investors NewsBeat

  Read (4630)
Market Abuse: Letter from Transcorp Plc to the NSE



April 04, 2011
Kindly find below a copy of the letter from Transcorp Plc to the management of the NSE over a major market infraction allowed by the Nigerian Stock Exchange (NSE) further to our market analyst information of March 31, 2011 titled - Transcorp – Volume Movements indicate Possible Takeover Bid or Market Abuse .
The letter (as edited):
April 01, 2011
The Director General
Nigerian Stock Exchange
Custom Street
Dear Sir,
We write in relation to the above.
On March 31, 2011, a total of 2.51 billion units of Transcorp Plc shares representing 10% of the company’s issued share capital were traded in a single day, the largest volume of a company’s shares traded in one day in the past one year.
The Board of Directors and Management of the company have expressed shock at how such a transaction was approved by the Stock exchange without information to and consent of shareholders and the company. The Board have also been reliably informed by an individual that he has acquired a significant proportion of the shares of the company and plans to take over the business.
A transaction showing more than a 5% interest in the shares of the company should ethically have been disclosed to the company and the Securities and Exchange Commission, but this was not done in this case.
The Board and Management hereby object to such a transaction and request that due process and the provisions of law be allowed where an individual or group of individuals are interested in a controlling stake in the company.
In the interest of over 300,000 shareholders of Transcorp Plc, this letter has been copied to the Securities and Exchange Commission which is hereby put on notice to investigate potential or actual market abuse in this regard.
Yours faithfully,
Transnational Corporation of Nigeria Plc
11, Alfred Rewane Road,
P.M.B, 40015
Ikoyi, Lagos.
April 1, 2011.
cc: The Director General, Securities & Exchange Commission

Tags: , 

Comment With Your Facebook or Yahoo! ID

Latest news

News on Investors NewsBeat

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Contact Us
Volunteer Program
Message from CEO

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Discussion Forum

Subscriber Agreement
Privacy Policy
Data Policy
Copyright Policy
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Legal Support Services
Web/Technology Services
File a Complaint

CBN Governor 2014