Following approval by the Nigerian Stock Exchange (NSE), Newrest ASL Nigeria Plc has delisted its entire issued share capital from the daily official list of the Nigerian bourse.
Newrest‘s delisting from the NSE was announced, yesterday, in a statement signed by the Head of NSE‘s Listings Regulation Department.
“Further to our market bulletin of 27 February 2019 with reference number: NSE/RD/LRD/MB17/19/02/27 notifying Dealing Members of The Nigerian Stock Exchange’s (The Exchange) approval of the application for voluntary delisting of the entire share capital of Newrest ASL Nigeria Plc (Newrest ASL or the Company), and subsequent suspension of trading in the shares of the Company, please be informed that the entire issued share capital of Newrest ASL were delisted from the Daily Official List of The Exchange, today, Monday, 13 May 2019.”
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 provides catering and hospitality services to international airlines and airports in Nigeria, Kigali, and Rwanda. It operates through Lagos Inflight Catering, Abuja Operations, Airport Operations Lagos, Kigali Inflight Catering, and Oil and Gas and Other Catering segments.
The company’s services include in-flight catering, warehousing, client and specialised catering, frozen ready meals, and oil and gas catering.
It was formerly known as Airline Services & Logistics PLC and changed its name to Newrest ASL Nigeria Plc in June 2016.
Newrest ASL Nigeria Plc was founded in 1996 and was listed on the NSE in 2007.