The Securities & Exchange Commission had during the weekend extended the deadline for the closure of forbearance window to 30th September, 2018. This marks the second time within the year that the date is being shifted, recall that the date was shifted in January 2018 to March.
The commission explained that “investors that bought shares of the same company during public offers, using different names, are allowed till 31st March, 2018 to continue to approach their Stockbrokers or Registrars, to regularize their shareholdings, in line with SEC Rules on customer identification”.
Recall that during the last public offering boom, most investors in other to ensure allocation of their desired units subscribed with various names most of which do not even exist. Some bought with names of staff members who mostly are now out of jobs and may not be able to approve the transfer of same. SEC in its fair defence of investors’ interest has again increased the opportunities of such investors in perfecting such holdings.