NSE lifts suspension on LASACO Assurance

By Taofik Salako, Deputy Group Business EditorThe Nigerian Stock Exchange (NSE) yesterday lifted its suspension on LASACO Assurance Plc after the insurance company completed its share capital reconstruction.In a circular, the NSE stated that the full suspension placed on trading in the companys shares was lifted on Monday, 22 February 2021 following the completion of the share capital reconstruction.According to the Exchange, consequent to the completion of the reconstruction, LASACOs entire issued share capital of 7.334 billion ordinary shares of 50 Kobo each at 42 kobo per share prior to the share capital reconstruction was delisted from the NSEs Daily Official List, while the 1.834 billion ordinary shares of 50 Kobo each at N1.68 per share arising from the share capital reconstruction were listed on the Exchanges Daily Official List on the same day.With the completion of the companys share capital reconstruction, the total issued and fully paid up shares of LASACO Assurance Plc has now reduced from 7,334,343,421 to 1,833,585,855 ordinary shares of 50 kobo each, NSE stated.LASACO Assurance cancelled 5.5 billion ordinary shares of 50 kobo each, 75 per cent of its pre-reconstruction issued share capital, under a massive share capital reconstruction plan.The share capital reconstruction included exchange of one new ordinary share of 50 kobo each for every four ordinary shares held by a shareholder.The reconstruction led to reduction of the paid up share capital of the company from N3.667 billion divided into 7.334 billion ordinary shares of 50 Kobo each to N916.793 million divided into 1.834 billion ordinary shares of 50 Kobo each at the end of the reconstruction.Shareholders of LASACO Assurance had at the 39th annual general meeting (AGM) on October 8, 2019 approved the share capital reconstruction.
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