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ETI placed on full suspension for 3 days


July 02, 2008/ UBAGM


ETI was placed on full suspension yesterday in order to fully implement the 5 for 1 bonus issue paid by the Bank.
The shares will remain suspended for three days to enable the Central Securities Clearing System (CSCS) reconcile shareholders’ accounts.
Before now, we observed that the NSE had listed only 5.38bn new shares instead of 6.73bn in the Bank’s name.
Based on our calculations, five new shares were created for each one that existed; hence, an investor with one share would now have six shares. By implication, the Bank’s new number of shares outstanding should be (existing number of shares multiplied by 6) that is, 8,080,660,218 shares (1,346,776,703 x 6).
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