NEM Insurance Begins 2:1 Share Reconstruction December 10

NEM Insurance Plc, on Thursday, said following the June 24, 2021 approval of its shareholders, for the reconstruction/redenomination of its shares from a nominal share value of N0.50 to N1.00 by consolidating every two shares into one, it is set to begin the process with the full suspension of its shares from trading from Friday, December 10 to Thursday, December 23.

As a result, the company said in a notice by its company secretary, Olajumoke Phillip-Akede, explained that for the purpose of the exercise which has the blessing of its primary regulator- the Insurance Commission (NAICOM), the register of shareholders will be closed for the two-week period.

This, the statement explained, will enable the Central Securities Clearing Systems Plc. (CSCS) and Apel Capital Registrars Limited – the Registrars to NEM Insurance, finalise the reconstruction of the shares and produce a new Register for the company.

“Once this is concluded, the suspension will be lifted and trading on the shares shall recommence,” the statement added.

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