Nigerian Stock Exchange (NSE) has approved the application of Newrest ASL Nigeria Plc to delist from the daily official list of The Exchange. Consequently, Newrest shares have been placed on full suspension from trading on The Exchange.
In a released statement, the NSE made reference to the market bulletin of February 19, 2019, with reference number: NSE/RD/LRD/MB14/19/2/19, where the market was notified of the application filed by the company for the voluntary delisting of its entire 634,000,000 ordinary shares.
“Further to the Market Bulletin of 19 February 2019, with reference number: NSE/RD/LRD/MB14/19/2/19, wherein the market was notified of the application filed by Newrest ASL Nigeria Plc (Newrest ASL or the Company) for voluntary delisting of the entire 634,000,000 ordinary shares of the Company from the Daily Official List of The Exchange, Dealing Members are hereby notified that further to The Exchange’s approval
of the application for voluntary delisting of the Company, the shares of Newrest ASL were today, Wednesday, 27 February 2019 placed on full suspension.
“This suspension is required to prevent further trading in the shares of Newrest ASL, and in order for the Company to comply with the post-approval requirements which will precede the final delisting of the Company from the Daily Official List of The Exchange,” the statement read.
What this means for the company’s shareholders
Precedence from other delisted companies shows that minority shareholders are typically offered a buy out option. This would not be any different for Newrest ASL’s ordinary shareholders.
Already, the company’s stockbroker said 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”.
Perhaps, all is well that ends well after all.
About the company
Newrest ASL Nigeria Plc is a Nigerian company which provides catering and hospitality services to foreign Airlines operating in the country.
The company was incorporated in 1996 and listed on the NSE in 2007.