Monday, October 3

NEM Insurance extends share reconstruction period

Following approval by shareholders of NEM for the reconstruction of the company’s shares, the insurer has said that the exercise earlier scheduled to lapse on 23rd of December is still ongoing.

This is contained in a disclosure titled, ‘Notice of extension of the share reconstruction/redenomination of NEM Insurance Plc’, signed by Olajumoke Philip-Akede, the company secretary and filed with the Nigerian Exchange Group.

While the disclosure is a follow up on the previous which captured the conclusion reached at the annual general meeting, it however failed to state for how long the share reconstruction would last.

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, 10 December 2021 to Thursday, 23 December 2021 both days inclusive.

It also noted 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.