1. 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).
2. ISAN said that their demand became imperative following serious breach of operating capital market laws by the regulators.
3. 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.
4. 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.
5. 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.