Tuesday, November 28

NEM Insurance completes share reconstruction

NEM Insurance has notified of the completion of its share reconstruction exercise which had earlier commenced on Friday, December 10, 2021

This is contained in a disclosure filed to the Nigerian exchange and titled, “notice of completion of share reconstruction exercise.”

Signed by Olajumoke Phillip-Akede, the company secretary, the disclosure represents a follow up on previous notices which spelt the extension of the period for the reconstruction of the company’s share from a nominal share value of N0.50 to N1.00 

What this means

  • The nominal share value of NEM Insurance Plc’s shares is now N1.00.
  • The trading suspension which was hitherto placed on the shares of the company has been lifted effective from Wednesday, December 29, 2021, and the company’s shares can now be traded.

What you should know

NEM Insurance had earlier fixed a period of two weeks for the reconstruction of 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.

It stated that the shares of the company will be suspended from trading on the Nigerian Exchange Limited for two (2) weeks beginning on Friday, December 10, 2021, to Thursday, December 23, 2021, both days inclusive.