NEM Insurance Plc has secured the approval of its shareholders for the share reconstruction company’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.
According to a disclosure by the firm to the Nigerian Exchange and accessed by Nairametrics, this is part of the conclusion reached at the Annual General Meeting (AGM) of NEM Insurance Plc in June.
The disclosure which was signed by Olajumoke Phillip-Akere, company secretary, and titled, “Notice of the share reconstruction for Nem Insurance Plc,” also noted the suspension will be lifted and trading on the shares shall recommence once this is concluded.
According to the disclosure, following the 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 to enable the insurer reconstruct shares given that;
1. 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.
2. 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.