NSE authorises LASACO Assurance to restructure shares

NSE authorises LASACO Assurance to restructure shares

LASACO Assurance Plc has said the Nigerian Stock Exchange (NSE) has authorised the company to reconstruct its issued and fully paid-up share capital of 7,334,343,421 ordinary shares of 50 kobo each in the ratio of one new ordinary share for every four ordinary shares previously held by the shareholders.

It said this in a statement by its Company Secretary, Gertrude Olutekunbi, on Tuesday titled “Notice of share reconstruction’.

The company said this followed the approval of its shareholders at its 39th annual general meeting which held in October, 2019.

It stated that to enable the company to reconstruct the shares, “Suspension of trading will be placed on the shares of LASACO for two weeks beginning from Monday 1st February, 2021 to Friday 12th February, 2021both days inclusive.

“That the register of shareholders shall be closed for this period to enable the Central Securities Clearing Systems Plc and ApelCapital Registrars Limited, the registrars to LASACO, to finalise the reconstruction of the shares and produce a new register for the company.”

It said the announcement was in compliance with the requirements of The Nigerian Stock Exchange.