NSE suspends Diamond Bank’s shares over court sanction of scheme of merger with Access Bank

The Nigeria Stock Exchange (NSE) on Wednesday suspended trading in the shares of Diamond Bank Plc following the court sanction of the Scheme of Merger with Access Bank Plc.

NSE in a notification to its dealing members posted on its website on Wednesday said that the full suspension takes effect from March 20.

“Dealing members are hereby notified that following the court sanction of the Scheme of Merger (Scheme) between Access Bank Plc and Diamond Bank Plc, trading in the shares of Diamond Bank has been placed on full suspension,” it stated.

The exchange said that the suspension was required to prevent trading in the shares of the bank in order to determine shareholders who would qualify to receive the scheme consideration.
It noted that Diamond Bank obtained the court sanction of the scheme on March 19, being the effective date of the scheme.

The NSE stated that the bank’s shareholders passed a resolution approving the merger between Diamond Bank and Access Bank Plc at the court ordered meeting of the bank held on March 5.
The exchange will delist Diamond Bank from the daily official list at the exchange after the merger.

The shareholders of Diamond Bank and Access Bank at an Extraordinary General Meetings (EGMs) of both banks gave approvals for the merger.