NGX Lifts Suspension on NEM Insurance After Share Reconstruction
By Dipo Olowookere
The suspension placed in the trading of equities of NEM Insurance Plc has been lifted by the Nigerian Exchange (NGX) Limited, a circular from the bourse has confirmed.
The embargo was removed following the conclusion of the share capital reconstruction of the underwriting company.
The exercise resulted in the changing of the entire issued share capital of the company’s 10,032,955,535 ordinary shares of 50 Kobo each at N2.42 per share to 5,016,477,767 ordinary shares of N1.00 each at N4.84 per share.
After the share reconstruction, the old stocks were delisted from the exchange, while the new ones were listed on the trading platform today, according to the disclosure.
“We refer to our market bulletin of December 24, 2021, with reference number: NGXREG/LRD/MB60/21/12/24, wherein the market was notified that the full suspension placed on trading in the shares of NEM Insurance Plc was extended to December 29, 2021, to enable listing of the company’s reconstructed shares on the NGX.
“Trading license holders and the investing public are hereby notified that the suspension placed on trading in the company’s shares was lifted today, Wednesday, December 29, 2021, following the completion of NEM Insurance’s share capital reconstruction.
“Consequent to the completion of the share reconstruction exercise, NEM Insurance’s entire issued share capital of 10,032,955,535 ordinary shares of 50 Kobo each at N2.42 per share was delisted from NGX’s daily official list while the 5,016,477,767 ordinary shares of N1.00 each at N4.84 per share arising from the share capital reconstruction were listed on NGX’s daily official List on the same day.
“With the completion of the company’s share capital reconstruction, the total issued and fully paid-up shares of NEM Insurance Plc has now reduced from 10,032,955,535 ordinary shares of 50 Kobo each to 5,016,477,767 ordinary shares of N1.00 each while the market capitalisation remained at N24,279,752,394.70,” the notice said.