By Adedapo Adesanya
The NASD Over-The-Counter (OTC) Securities Exchange has confirmed the completion of Aradel Holdings Plc’s redenomination and stock split, as approved by shareholders at the company’s 29th Annual General Meeting (AGM) on June 5, 2024.
According to the announcement, the nominal value of Aradel’s shares has been redenominated from N10.00 per share to N0.50 per share.
Following the redenomination, trading of the shares on the NASD OTC resumed. The value of Aradel Holdings then resumed at about N469.95 per unit at 50 Kobo each.
Consequently, the current 217,242,218 ordinary shares of N10 each will be subdivided into 4,344,844,360 ordinary shares of 50 Kobo each.
Business Post reports that the company’s stock was suspended after it hit about N9,399.00 in late September.
It had to be split ahead of its eventual exit from the NASD OTC bourse and listing on the Nigerian Exchange (NGX) Limited.
Recall that at its AGM in mid-2024, the company’s shareholders approved the redenomination of the nominal value of the company’s shares from N10 each to 50 Kobo each.
In a notice to the investing public, the NASD announced that, “Pursuant to the company’s intention to effect a redenomination and stock split on the ordinary shares of Aradel Holdings PLC, we wish to inform you that shares of Aradel Holdings PLC shares will be suspended from trading at the close of business Thursday, September 19, 2024.”.
Upon resumption this week, the stock price of the company has risen 32 per cent to N621.18 per unit from the re-dominated N469.95 per unit.
Dipo Olowookere