NEM Insurance issued 10,032,955,535 ordinary share after completing Share Capital Reconstruction

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NEM Insurance Plc has completed its share capital reconstruction, thus officially resume trading on the local bourse on Wednesday, Atlass Portfolios Limited informs clients on Wednesday. Though, the insurer has yet to officially publish the notice on the Nigerian Exchange website.

Last week, the Insurance Company had asked the Nigerian Exchange for an extension to facilitate the completion including the re-listing of the reconstructed shares.

NEM notified that the exercise will be extended till 29th December 2021, to enable Nigerian Exchange Limited to list the reconstructed shares

Kindly note that the suspension placed on trading in the NEM Insurance Plc.’s shares was lifted today, Wednesday, 29 December 2021 following the completion of the Insurer’s capital reconstruction, Atlass Portfolios Limited informed clients.

Consequent to the completion of the share reconstruction exercise, NEM Insurance’s entire issued share capital of 10,032,955,535 ordinary shares of 50 Kobo each at N2.42 per share was delisted from NGX’s Daily Official List.

At the same time, the company’s 5,016,477,767 ordinary shares of N1.00 each at N4.84 per share arising from the share capital reconstruction were listed on NGX’s Daily Official List.

With the completion of the Company’s share capital reconstruction, the total issued and fully paid-up shares of NEM Insurance Plc has now been reduced from 10,032,955,535 ordinary shares of 50 Kobo each to 5,016,477,767 ordinary shares of N1.00 each.