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Home Business News

Newrest ASL gives stakeholders more time for exit consideration offer

Fakoyejo Olalekan by Fakoyejo Olalekan
April 12, 2019
in Business News, Company News
Newrest ASL Nigeria Plc
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Months after the Nigerian Stock Exchange (NSE) approved the delisting of Newrest ASL Nigeria Plc from the stock market, the company has given Stakeholders till April 25, 2019, to elect to accept exit consideration for delisting.

Why the extension?

Newrest ASL extended the timeframe in order to provide further notice regarding the buyback period and exit consideration to minority shareholders who may have missed previous publications or notices.

Newrest ASL Nigeria Plc had filed for voluntary delisting from the stock market on February 19, 2019, after failing to meet up with the NSE’s 20 percent free float requirement.

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The company also stated that neither it was not benefiting from the continued listing on the NSE, neither were its shareholders benefiting.

Newrest ASL note to NSE

Newrest ASL Nigeria Plc wrote to the NSE on its decision to voluntary delist its entire 634,000,000 ordinary shares from the daily official list of the Exchange. It also wants to fully suspend trade in the company’s shares. The NSE approved the request on February 27, 2019.

“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.

“In line with the provisions of Rule 1.10 of the Rules for Delisting of Equity Securities from the Daily Official List of the Exchange, which states that ‘the issuer shall set aside funds sufficient to purchase the interest of all shareholders who expressed their dissent to the resolution to delist the issuer.

“Such funds shall be domiciled with a registrar or a custodian that is duly registered by and in good standing with the Securities and Exchange Commission.”

In the meantime, the company has opened an escrow account with Zenith Bank Plc where it deposited sufficient funds to settle minority shareholders. The account is being managed by Meristem Registrars Limited.

Payment method to shareholders

Newrest ASL Nigeria Plc said shareholders who choose to exit the company prior to delisting will be offered N7.70 per share cash consideration from the majority shareholders in exchange for transferring their shares. They can also choose to remain shareholders of the company.

According to the company, the entitlement of shareholders who chose to leave the company would be computed on April 26 and within 72 hours of the collation date, the cash consideration would be paid by way of electronic transfer.

Newrest ASL experienced a significant drop in its trading volumes from 78,094,753 units in the 2017 financial year to 9,029,052 units in the 2018 financial year.


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Tags: Companies on Nigerian Stock ExchangeNewrest ASL delisting from NSENewrest ASL gives stakeholders more time for exit consideration offerNSE delisting
Fakoyejo Olalekan

Fakoyejo Olalekan

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: fakoyejo.olalekan@nairametrics.com.

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