Following the court sanction of the scheme of a merger between Access Bank Plc and Diamond Bank Plc, the latter’s shareholders will receive the Scheme Consideration of cash and shares; as stipulated in the Scheme.
In a statement made available to the investing public, Acess Bank Plc required shareholders of Diamond Bank Plc to take the necessary steps to ensure the accuracy of their personal details (Full name, address, email address, mobile number and BVN) with the registrars of
Access Bank Plc.
How Access Bank’s Scheme Consideration of cash and shares will be effected
Recall that Diamond Bank’s shares, were recently placed on indefinite suspension on the Nigerian Stock Exchange (NSE). The shares, which were listed on the NSE in May 2005, will now be dissolved without being wound up and delisted from the Exchange afterwards. The merger will see the dissolution of 19 per cent of the now absorbed bank’s share portfolio.
Diamond Bank Plc will transfer all its assets, liabilities and undertakings to Access Bank Plc and the entire issued share capital of Diamond Bank will be cancelled, and then the bank will be dissolved without being liquidated.
As already programmed, Diamond Bank’s shareholders will get a cash consideration of N1 per share and two ordinary shares of the enlarged Access Bank for every 7 ordinary shares of Diamond Bank held as at the effective date.
The future of Access Bank Plc
When the highly anticipated merger eventually takes effect by the end of Q1 2019, Diamond Bank Plc and Access Bank Plc would have successfully combined efforts to bring the power of banking to millions of account holders across Nigeria and beyond. Much emphasis will be on the need for speedy and secured service delivery. Also, the partnership will ensure that customers of both banks continue to experience the best banking experience, with zero disruptions to normal banking services.
Diamond Bank also noted that although there may be some changes in the future, any such changes will be duly communicated to the customers ahead of time.
Meanwhile, the Merger is expected to be completed on April 1, 2019. Full details of the Merger, including the terms and conditions of the Scheme and the Merger, are set out in the Scheme Document dated January 24, 2019.