NEM Insurance gets approval for Share Reconstruction

NEM Insurance has notified the investing public that it has 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 on Wednesday, 27 October 2021 and the Securities & Exchange Commission (“SEC”) on Wednesday, 1 December 2021 respectively.

In a statement signed by the Company Secretary, Olajumoke Phillip-Akede, the Company stated thus:

“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.
  • 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.

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