By Aduragbemi Omiyale
Shareholders of Multiverse Mining & Exploration Plc will not be able to trade the company’s equities at the local stock exchange for now.
This is because the Nigerian Exchange (NGX) Limited has suspended trading in Multiverse shares from Thursday, June 2, 2022, till further notice.
At the time the embargo was placed on the firm, its share price at the market was 20 kobo per unit.
The reason for the action is to allow the organisation to carry out its share reconstruction as it plans to collapse every 10 stocks into one.
“Further to our market bulletin of 17 May 2022 with reference number: NGXREG/LRD/MB30/22/05/17 regarding the proposed share capital reconstruction of Multiverse Mining & Exploration Plc, trading license holders are hereby notified that trading in the shares of Multiverse was suspended on Thursday, June 2, 2022.
“The suspension was effected pursuant to the proposed share reconstruction which will result in the cancellation of nine existing ordinary shares out of every 10 ordinary shares held by existing shareholders.
“The total number of issued ordinary shares post the reconstruction exercise will be 426,193,868 ordinary shares while 3,835,744,818 ordinary shares would be cancelled.
“The suspension is necessary to enable Multiverse to reconcile its share register towards implementation of the proposed share reconstruction,” a notice from the exchange disclosed.
