LASACO Assurance Plc completes share capital reconstruction

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LASACO Assurance Plc has introduced the completion of its share reconstruction train of about 7.3 million atypical shares.

This is in keeping with disclosure contained within the NSE weekly market report for twenty sixth of February, 2021, seen by Nairametrics.

LASACO Assurance Plc had earlier announced acquiring regulatory approval to reconstruct 7,334,343,421 atypical shares of fifty kobo every at N0.42 per share within the ratio one (1) new atypical shares for each 4 (4) atypical shares beforehand held by its shareholders.

In a bid to facilitate the reconstruction train, buying and selling within the shares of LASACO Assurance Plc was initially positioned on full suspension for 2 (2) weeks, and additional extended by per week. Sequel to the completion of the share reconstruction train, the suspension was subsequently lifted on the twenty second of February, 2021.

Consequently, LASACO’s whole issued share capital of seven,334,343,421 atypical shares of fifty Kobo every at N0.42 per share previous to the share capital reconstruction was delisted from the Nigerian Stock Exchange’s day by day official record, whereas the 1,833,585,855 atypical shares of fifty Kobo every at N1.68 per share arising from the share capital reconstruction have been listed on the change’s day by day official record on the identical day.

What it is best to know:

  • Share Reconstruction in any other case generally known as a reverse inventory break up is a technical course of whereby an organization reduces the entire variety of excellent shares it has by cancelling out shares it doesn’t want.
  • Sequel to the completion of the corporate’s share capital reconstruction, the entire issued and totally paid-up shares of LASACO Assurance Plc has now diminished from 7,334,343,421 to 1,833,585,855 atypical shares.

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