BY NKECHI NAECHE-ESEZOBOR–The board of NEM Insurance Plc, on Thursday said is requesting for regulatory approval for its proposed share reconstruction.
The insurer also announced to dealing members and investors that its shares will be suspended from trading on the Nigerian Exchange Limited for two weeks beginning on Friday, 10 December 2021 to Thursday, 23 December 2021 both days inclusive to finalise the reconstruction of the shares and produce a new Register for the Company.
The notice this reads: “We wish to inform our esteemed Shareholders and the General Public that at the Annual General Meeting (AGM) of NEM Insurance Plc (“NEM Insurance” or the “Company”) held on
Thursday, 24 June 2021, the Company secured the approval of its shareholders for the share reconstruction/redenomination of NEM Insurance’s shares from a nominal share value of N0.50 to N1.00 by the consolidation of every two (2) shares held by each shareholder into one (1) share.
“Following the above shareholders’ approval, the Company also received the necessary
regulatory approvals from the National Insurance Commission (“NAICOM”) on Wednesday, 27 October 2021 and the Securities & Exchange Commission (“SEC”) on Wednesday, 1 December 2021 respectively.
The statement noted that “to enable us to reconstruct the shares, we hereby give Notice of the following: that the shares of the Company will be suspended from trading on the Nigerian Exchange Limited for two (2) weeks beginning on Friday, 10 December 2021 to Thursday, 23 December 2021 both days inclusive.
“Secondly that the register of shareholders shall be closed for this period to enable the Central Securities Clearing Systems Plc. (CSCS) and Apel Capital Registrars Limited – the Registrars to NEM Insurance, to finalise the Reconstruction of the shares and produce a new Register for the Company.”
“Once this is concluded, the suspension will be lifted and trading on the shares shall
recommence “
This is a notice from the Nigerian Exchange (NGX) Plc has confirmed.
EM Insurance Plc on Thursday announced to dealing members and investors that its shares will be suspended from trading on the Nigerian Exchange Limited for two weeks beginning on Friday, 10 December 2021 to Thursday, 23 December 2021 both days inclusive to finalise the reconstruction of the shares and produce a new Register for the Company.
NEM in a notice at the Nigerian Exchange on Thursday said the Register of shareholders shall also be closed for this period to enable the Central Securities Clearing Systems Plc. (CSCS) and Apel Capital Registrars Limited – the Registrars to NEM Insurance, to finalise the Reconstruction of the shares and produce a new Register for the Company.
The company said at its Annual General Meeting (AGM) held on Thursday, 24 June 2021, the Company secured the approval of its shareholders for the share reconstruction/redenomination of NEM Insurance’s shares from a nominal share value of N0.50 to N1.00 by the consolidation of every two (2) shares held by each shareholder into one (1) share.
Following the above shareholders’ approval, the Company also received the necessary regulatory approvals from the National Insurance Commission (“NAICOM”) on Wednesday, 27 October 2021 and the Securities & Exchange Commission (“SEC”) on Wednesday, 1 December 2021 respectively.
“Once this is concluded, the suspension will be lifted and trading on the shares shall recommence,” the notice said.
