Wednesday, April 05, 2011
In part fulfillment of The Nigerian Stock Exchange’s responsibility to provide clarity on issues affecting the market, we wish to confirm that we have received formal letters from Transcorp Nigeria Plc with regards to the purchase of its shares on Friday, April 1, 2011.
The Exchange respects the right of investors in the market to enter into commercial transactions as they deem fit and within the rules and ethics of the bourse.
On Thursday, March 31, 2011, HH Capital Limited, through its brokers – BGL Securities Limited informed the bourse of its desire to cross 1, 970, 754, 364 units of shares from willing sellers.
In the course of the review of the transaction, The Exchange realized that one of the willing sellers was legally not in position to engage in such a transaction and this was immediately cancelled.
The Exchange has since informed Transcorp Plc of the details of the remainder of the transaction.
We wish to assure the investing public that the parties involved in the transaction have been issued letters to attend an all-parties meeting consistent with our desire to forge a ‘free market’ bound by rules and best practices.
The Nigerian Stock Exchange