By InvestAdvocate

Lagos (INVESTADVOCATE)-Ecobank Nigeria Plc has announced its plans to delist from the Daily Official List of the Nigerian Stock Exchange (NSE); as the Banks’ shares has been placed on full suspension.

This was contained in a Notice from the Bank to the Nigeria’s Exchange and obtained by www.investadvocateng.com in Lagos Nigeria.

“Ecobank Nigeria Plc has been placed on full suspension following the court ordered meeting held on Thursday December 22, 2011 in preparation for the delisting of the bank from the Stock Exchange” THE Notice Said.

This is coming on the heels of a Court Ordered Meeting held December 22 2011 where shareholders of Ecobank endorsed the Banks bid to acquire Oceanic Bank Plc.

Prior to this time, the shares of Oceanic Bank have been delisted from the official list of the Nigeria’s Exchange, however, shareholders of the new Ecobank will get one share in ETI for every 5.16 Ecobank shares owned.

Under the merger agreement, N2.6 billion is to be credited to Oceanic bank shareholders as a deposit for shares in Ecobank Nigeria and issued to Oceanic bank shareholders as equity at N2.34 per Ecobank Nigeria share.

With this development, shareholders of Oceanic Bank will receive 16.1 billion new shares in Ecobank Nigeria.