Lasaco Assurance Plc has announced a delay in the reconstruction of its issued and fully paid-up Share Capital of 7,334,343,421 Ordinary shares of 50kobo each in the ratio of one (1) new ordinary share for every four (4) ordinary shares previously held by the shareholders.
The company had on January 29 issued a notice to the Nigerian Stock Exchange regarding the share reconstruction and the subsequent suspension of trading on the shares of the company for two weeks.
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However, due to the delay, the suspension of trading has been extended by one week “to facilitate the conclusion of the share reconstruction exercise,” according to Lasaco. The new extension which took effect from Monday 15 February will last until Friday 19 February 2021, both days inclusive.
Thus, trading is expected to resume on the shares of the company on Monday 22 February 2021.
The company also said that “the Register of shareholders shall remain closed for this period to enable the Central Securities Clearing Systems Plc and Apel Capital Registrars Limited, the Registrars to LASACO, to finalize the reconstruction of the shares and produce a new Register for the Company.”
The reconstruction received the approval of the shareholders of Lasaco Assurance Plc at the 39th Annual General Meeting of the company held on 8th October 2019.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.