Shareholders Meet January 29 to Approve Delisting of Newrest ASL

By Dipo Olowookere

An Extraordinary General Meeting (EGM) has been fixed for Tuesday, January 29, 2019 for shareholders of Newrest ASL Nigeria Plc to approve the delisting of the firm from the Nigerian Stock Exchange (NSE).

The board is proposing a voluntary delisting of the company from the local stock exchange and wants the approval of the shareholders first before making this a reality.

During the January 29 meeting, the board would want the shareholders to allow all the outstanding listed shares of the firm to the delisted from the NSE.

According to a notice to the local bourse, Newrest ASL said it wants the shareholders to authorise its Chairman, Mr Richard Akerele; and the Chief Executive Officer, Mr Jonathan Stent-Torriani, to “take effective steps for the voluntary delisting of the company’s shares from the NSE and accept any reasonable terms and conditions as may be imposed by the NSE, or any regulating authorities.”

They will also give the duo the authority to “settle all the questions and matters arising out of and incidental to the proposed voluntary delisting of the equity shares of the company from the NSE and execute documents or any other writings which they may in their absolute discretion consider necessary, proper or expedient for giving effect to the above said resolution.”

Business Post reports that shares of Newrest ASL gained 35 kobo or 5.07 percent on Thursday to quote at N7.25k per unit at the stock exchange.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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