NLNG Corporate Caring banner FirstGem 3rd anniversay lecture Fidelity bank card banner Emerald Energy Institute Camano banner

Cancel Transcorp Hotel IPO, shareholders tell SEC and NSE •Insist that IPO is flawed

By News Express on 15/11/2014

Gmail icon

Views: 3,157

Some Transnational Corporation shareholders have urged the Nigerian capital market regulators to void the Initial Public Offering (IPO) of Transcorp Hotels Plc.

The shareholders under the aegis of the Independent Shareholders Association of Nigeria (ISAN) made the demand in separate letters to the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE).

ISAN said that their demand became imperative following serious breach of operating capital market laws by the regulators.

ISAN, in letters signed by Sir Sunny Nwosu and Mr Adebayo Adeleke, National Coordinator and General Secretary respectively, described the approval for the recently concluded offer of the shares of Trancorp Hotels as flawed.

According to ISAN, the sale of Transcorp Hotel shares was an authorised bulkanisation of Transnational Corporation Plc.

According to ISAN, “We are not aware of any Annual General Meeting or Extra-Ordinary General Meeting as prescribed by Law, where a special resolution was proposed and passed by shareholders of Transnational Corporation Plc to dismember the company.

“Spinning off and offering for sale shares of Transcorp Hotels is an unauthorised dismemberment of Transnational Corporation Plc.”

The association said that they are constrained to draw the attention of SEC and NSE to the regulatory irregularity because the IPO of 800 million ordinary shares of Transcorp Hotels negates the provisions of the Investment and Securities Act, rules and regulations of the commission and listing requirements of the exchange.

The shareholders said their quest for probity, accountability and due process, stemmed also from the issues raised by NOGA Hotels International (NHI) SA, a major investors in Transcorp Hotels.

ISAN also said that NHI had in a subtle caveat emptor advertorial published on October 16, 2014 in some dailies, described the IPO as contrived, following unresolved issues over ownership of Transcorp Hilton Hotels, Abuja.

In their letter, ISAN members said: “We are apprehensive of the process adopted for the public offering and strongly consider it as lacking in due process.

“We believe that the shareholders approval should have been obtained at an Extra-Ordinary General Meeting (EGM) before Transcorp Hotels embarked on public offering.

“Since this was not done, we hereby suggest you urge the authorities of Transcorp Hotel to follow due process in this transaction, as not doing the right thing would amount to encouraging illegality.”

•Text courtesy of Saturday Vanguard.

Source News Express

Posted 16/11/2014 12:08:18 AM





You may also like...
Lagos: FRSC begins `Operation Show Your Driver’s Licence’...

Couple jailed after naming their child Adolf Hitler...

IPMAN dismisses strike rumour

Adamawa governorship supplementary election holds Thursday

CBN increases Forex sale to BDCs •To announce...

Actor shot dead while filming music video

Amaechi and October 25, 2007: The significance, implications...

Osinbajo tasks military to shun divisive forces

Labour leader indicts PENGASSAN, NUPENG for rot in...

Survival battle: IGP Abubakar waits in vain in...

Buhari, Peace Committee meet on state of the...

Police rescue 13 kidnap victims in Imo forest...


Latest News 4 persons arrested over illegal possession of lion in Lagos Lawmakers jittery as constituents demand explanation over N1trn constituency projects Presidential Committee endorses Magu for re-appointment as EFCC Chairman Satguru Maharaj Ji backs Tinubu, Peter Obi for 2023 Presidency Father chains, locks up 10-year-old son over refusal to attend school NAF kills ISWAP leaders, destroys meeting venue in Borno Customs appoints 1 DCG, promotes 2,508 officers ASUU accuses Buhari administration of ‘greatest corruption in the land’ PDP Senators reject Bayelsa, Kogi election results No one can bring down your government, Ibadan youths assure Makinde Police arrests teacher who threatened to kill pupil after anal sex with him Bayelsa poll: We’ve no report against Jonathan — PDP NWC


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (564,225 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (452,966 views) Shameless Genevieve Nnaji exposes breasts in public (402,258 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (336,744 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (304,300 views) 10 cars more expensive than Jets (282,896 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (259,301 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (257,540 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (239,052 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (225,474 views) Lagos plane crash: Journalist releases victims’ names (201,856 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (198,511 views)


CBN milk production

CBN banner advert

UBA Wise Savers Promo


Categories Advertorials (3) African Press Organisation (81) Art & Literature (110) Business & Economy (4,580) Business Verdict (87) Columnists (1,145) Complaints & Requests (97) Enterprise & Opportunities (219) Entertainment (708) Features (845) Global Business Monitor (493) ICT Monitor (68) International (4,224) Interview (211) Live Commentary (30) Love Matters (176) Maggie's Blog (490) News (54,202) Opinion (1,423) Pidgin (17) Politics (11,782) Religion (1,122) Sports (2,229) Stock Watch (40) AMA & Al Jazeera Global Update







APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera