BREAKING NEWS: Finbank's EGM will hold today despite attempt to stop it
Category: Mergers & Aquisitions
Thursday, September 29, 2011 10:15 AM
The Merger and Acquisition deal between Finbank Plc and FCMB Plc is back on track after the initial jitters about a court order obtained today seeking to thwart the meeting.
Reports reaching us from the coverage team in Abuja affirms that the Finbank’s court ordered EGM planned for this morning was initially rattled by a court order from Justice Atta of the Federal High Court, Abuja; whose court restrained all Government Agencies from acting on Finbank Plc until the hearing of a case brought forward by some shareholders, and set for October 10, 2011.
The coverage team in Lagos has however issued an alert that the Finbank Plc media department is saying that “the planned EGM in Abuja will proceed today despite the court order to stop it”.
The coverage team at the FCMB Plc EGM is on standby for their meeting scheduled for 1100hours today.
Recall that today is a critical decision date for the planned merger between FCMB Plc and Finbank Plc, after the successful signing of the TIA for the planned merger.
This is a developing story and we will keep you updated in the Proshare Investment Community with short updates from Boason in Yola, Steve in Abuja and Temple in Lagos.
Report Filled by MBC team in Abuja and the Proshare team in Lagos