MCB restructuring carries Supreme Court approval; comes into effect tomorrow
As on February 21, MCB shareholders will exchange their ordinary shares held in MCB Bank for ordinary shares held in the MCB Group (MCBG) on a 1:1 ratio. (Image: MBC)
The new structure of the MCB Group announced on November 14 and December 27 last year has finally received the approval of the Supreme Court and will come into effect tomorrow.
Under the new structure the group’s activities will be divided into three different segments of ‘banking’, ‘non-banking financial services’ and ‘other investments’, which will allow the group to better position itself in the future.
As on February 21, MCB shareholders will exchange their ordinary shares held in MCB Bank for ordinary shares held in the MCB Group (MCBG) on a 1:1 ratio.
As an introduction to this new structure, 237,960,247 ordinary shares of the MCBG will be listed on April 03 on the Official List of the Stock Exchange of Mauritius.
On the first day of trading, a minimum of 5,000 ordinary shares of MCBG will be made available for sale at an indicative price equivalent to the last trading price of MCB shares prior to their trading suspension.
Moreover, the listing of 5,000,000 ordinary shares of MCBG, to be issued by way of the exercise of options for shares under the Group Employee Share Option Scheme (GESOS), will be effected after each transfer window of the GESOS.
The GESOS will be implemented in place of the existing employee share option plan which stands cancelled, where all the advantages and the conditions of the current scheme will be kept under the new GESOS.
The calendar of the scheme would be as follow: March17, 2014 will be the last day to deposit share certificates of MCB for the trading of MCB shares; March 24, 2014 will be the last day of trading for the MCB shares; March 25, 2014 will see the suspension of trading of MCB shares; the close of books for the share exchange will take place on March 25, 2014; allotment of MCB Group Limited shares and crediting of CDS account will take place on April 02, 2014 as well as the cancellation of the listing of MCB ordinary shares; and finally, April 03, 2014 will be the first day of trading of MCB group Limited shares.
A minimum of 5,000 shares will be offered for sales on the first day of trading of MCBG shares at a price equivalent to the last trading price of the MCB shares prior to their trading suspension
As voted by the shareholders of the MCB at the special meeting held on December 27, the 12,415,348 ordinary shares currently held will be cancelled when the scheme becomes effective on February 21.