BY MICHAEL EBOH
The Nigerian Stock Exchange (NSE) has waded into the alleged unlawful transaction on the shares of Transnational Corporation of Nigeria (Transcorp) Plc, with the extension of invitation to parties affected in the issue to seek an immediate resolution of the crisis.
Transcorp had petitioned the NSE and the Securities and Exchange Commission (SEC), over the unlawful sale of 2.51 billion units of its shares, representing 10 per cent of its issued share capital to unauthorised individuals without the consent of the company, its shareholders and SEC.
The NSE, in a statement, Wednesday, by its spokesperson, Mr. Wole Tokede confirmed that it has received a protest letter from the management of Transcorp over the issue, an declared the readiness of the NSE to ensure an amicable resolution of the issue.
He said, “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.”