By Dipo Olowookere
Shares of A.G. Leventis Nigeria Plc have been placed on full suspension by the Nigerian Stock Exchange (NSE), a notice from the exchange has revealed.
Trading in the company’s equities was put under hold by the local bourse with effect from Friday, December 27, 2019, the disclosure signed by the Head of Listings Regulation Department at the NSE, Mr Godstime Iwenekhai, noted.
This action was taken to prevent further trading in the company’s shares so as to determine the shareholders that will qualify to receive the scheme consideration from the Scheme of Arrangement between A.G. Leventis (Nigeria) and the holders of its fully paid ordinary shares of 50 Kobo each.
There had been information that the major shareholders of the company were planning to buy up shares held by minority investors at 70 kobo per unit ahead of the delisting of A.G. Leventis Nigeria from the exchange.
This has been the main reason for the recent hike in the price of the company’s stocks at the stock market. In order to prevent further pushing the price higher than expected, trading in the stocks of the firm had to be stopped to determine those that qualify to get paid in the deal.
“Dealing members are hereby notified that A.G. Leventis Nigeria Plc through its stockbrokers, Stanbic IBTC Stockbrokers Limited, has requested that trading in the shares of the company be placed on full suspension.
“Consequently, trading in the shares of A.G. Leventis was today, Friday, December 27, 2019 placed on full suspension.
“The full suspension is required to prevent further trading in the shares of A.G. Leventis (Nigeria) Plc, in order to determine the shareholders that will qualify to receive the scheme consideration from the scheme of arrangement between A.G. Leventis (Nigeria) Plc and the holders of its fully paid ordinary shares of 50 Kobo each,” the notice said.
Business Post reports that before trading in the shares of A.G. Leventis Nigeria was suspended by the NSE on Friday, they were sold at the market at 55 kobo per unit.
