NASD OTC Securities Exchange has informed market participants and stakeholders that Allianz Nigeria Insurance Plc has delisted its shares from the NASD platform.
This is according to a notice made available on the website of NASD Plc, seen by Nairametrics.
The delisting of the shares is sequel to the full suspension placed on the shares of Allianz Nigeria, which last traded at the platform on November 10, 2020.
Why Allianz Nigeria was delisted
Nairametrics gathered that the firm was delisted following its conversion from a public limited company (Plc) to a private limited company (LTD).
This is sequel to a proposal by a core investor, Société Fonciere Europeenne B.V. (“Core Shareholder” or “SFE”) to further inject capital and acquire the shares it does not currently own (“Scheme Shares”), subsequently converting the Company to a private company.
The Transaction was implemented through a Scheme of Arrangement (“Scheme”) under Section 539 of CAMA.
What you should know
- NASD Plc had earlier on November 10, 2020 suspended Allianz Nigeria in preparation to its delisting from its platform, while Stanbic IBTC Stockbrokers Limited was appointed to facilitate the transaction. The suspension was necessary to allow the conclusion of the sale of the company’s stocks held by shareholders.
- NASD Plc also remarked that Allianz Nigeria had a capital short fall of N11.8 billion in 2019. A claim refuted by the firm.
- As part of the delisting process, a court ordered meeting and EGM was held, and the sum of N2.50 per share was agreed upon and subsequently paid to shareholders.