On Thursday, 09 September 2021, trading in the shares of Axa Mansard Insurance Plc (NGX Ticker: MANSARD) on The Nigerian Exchange was suspended due to ongoing share reconstruction.
Following the Extraordinary General Meeting of AXA Mansard Insurance Plc held on Monday, 07 December 2020, the Company secured the approval of its shareholders for the share reconstruction / redenomination of AXA Mansard’s shares from a nominal share value of N0.50 to N2.00.
The company had created 25,500,000,000 ordinary shares of N0.50 each and it was allotted as fully paid bonus shares to the Company’s shareholders standing in the register of members of the Company as of December 14, 2020, in the proportion of Seventeen (17) new ordinary shares for every Seven (7) ordinary Shares held as at the Relevant Date.
Following the above shareholders’ approval, the Company also received necessary regulatory approvals from the National Insurance Commission (NAICOM) on Monday, 19 July 2021, and the Securities & Exchange Commission (SEC) on Monday, 16 August 2021 respectively.
In a publication on The Exchange by MANSARD, it was stated that In order to effect the share capital reconstruction, the shares of the Company will be suspended from trading on the Nigerian Exchange Limited on Thursday, 09 September 2021, so that the shareholders’ register can be updated with the reconstructed shares.
Once this is concluded, the suspension will be lifted and trading on the shares shall recommence.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur