Dipo Olowookere
By Dipo Olowookere
Trading on the shares of LASACO Assurance Plc will be suspended for two weeks from next week by the Nigerian Stock Exchange (NSE).
This action is being taken as part of the process leading to the share reconstruction of the company, which was approved by shareholders of the organisation in 2019.
On Tuesday, October 8, 2019, at the Annual General Meeting (AGM) of LASACO Assurance, shareholders authorised the board to carry out the exercise.
After the approval from investors, the board approached the relevant regulatory agencies for approval to reconstruct its issued and fully paid-up share capital of 7,334,343,421 ordinary shares of S0 kobo each in the ratio one new ordinary share for every four ordinary shares previously held by the shareholders of LASACO Assurance Plc.
To complete this exercise, shares of the firm would be suspended on the trading platform of the exchange from Monday, Februaty 1, 2021, to Friday, February 12, 2021.
In a notice to the NSE, LASACO Assurance explained that during this period, the register of shareholders would be closed to allow the Central Securities Clearing Systems (CSCS) Plc and Apel Capital Registrars Limited, the Registrars to LASACO, to finalise the reconstruction of the shares and produce a new register for the company.
“We wish to inform our esteemed shareholders and the general public that following the approval of the shareholders of LASACO Assurance at the 39th Annual General Meeting (AGM) of the company held on October 8, 2019, the company has obtained regulatory approvals to reconstruct its issued and fully paid-up share capital of 7,334,343,421 ordinary shares of 50 kobo each in the ratio one new ordinary share for every four ordinary shares previously held by the shareholders of LASACO Assurance.
“To enable us to reconstruct the shares, we hereby give notice that suspension of trading will be placed on the shares of LASACO for two weeks beginning from Monday, February 1, 2021, to Friday, February 12, 2021, both days inclusive.
“The register of shareholders shall be closed for this period to enable CSCS and Apel Capital Registrars Limited, the registrars to LASACO, to finalize the reconstruction of the shares and produce a new register for the company,” a disclosure from the firm noted.
