The Nigerian Stock Exchange (NSE), on Tuesday said it received an application for voluntary delisting of the entire 634,000,000 ordinary shares of Newrest ASL Nigeria Plc from the Daily Official List.
The application, the NSE told dealing members and the general public, was submitted through Newrest ASL’s stockbroker, Helix Securities Limited, as a result of its inability to meet up with the 20% free float requirement of The Exchange.
Rule 1.10 of the NSE’s Rules for Delisting of Equity Securities from the Daily Official List of The Exchange which issuers to “set aside funds sufficient to purchase the interest of all shareholders who expressed their dissent to the resolution to de-list the Issuer.”
Such “funds shall be domiciled with a Registrar or a Custodian duly registered by and in good standing with the Securities and Exchange Commission (SEC).”
In line with the above, the statement said Helix Securities “has informed The Exchange that it has opened and deposited sufficient funds to settle minority shareholders in an Escrow Account with Zenith Bank Plc to be managed by Meristem Registrars Limited.”