Tourism Promotion Services East Africa Share Swap
The project involved transfer of shares held in Tourism Promotion Services Limited to TPS Eastern Africa Ltd, through a swap of every 1 share held in TPS for 1.35 shares of TPSEA Ltd., as well as transfer (outsourcing) of the shares register function from the Company to Image Registrars. Image Registrars was appointed as receiving agent and registrar in the swap project.
Image Registrars worked with the transaction team to design and dispatch all documentation inviting shareholders to swap their shares, and processed the transaction to create a new shares register. Generation of data in agreed formats for crediting of shares in the shareholders CDS accounts at CDSC.
Transfer of all data relating to the 9,300 shareholders from TPS Ltd to the Image Registrars system. Continuation of immobilization of certificates, dividend records maintenance and reconciliation, filing of statutory returns and all duties relating to shares register maintenance and preparation for Annual General Meetings.
A bonus issue of 1 share for every 5 held in the company for the all shareholders in the register.
The firm was charged with the responsibility of developing a system of allocating bonus shares to all shareholders of the company as per AGM approval. Image Registrars dispatched allotment letters, certificates and an electronic file for crediting shares to CDS accounts.