LASACO Assurance Plc has announced the completion of its share reconstruction exercise of about 7.3 million ordinary shares.
This is according to disclosure contained in the NSE weekly market report for 26th of February, 2021, seen by Nairametrics.
LASACO Assurance Plc had earlier announced obtaining regulatory approval to reconstruct 7,334,343,421 ordinary shares of 50 kobo each at N0.42 per share in the ratio one (1) new ordinary shares for every four (4) ordinary shares previously held by its shareholders.
In a bid to facilitate the reconstruction exercise, trading in the shares of LASACO Assurance Plc was initially placed on full suspension for two (2) weeks, and further extended by a week. Sequel to the completion of the share reconstruction exercise, the suspension was subsequently lifted on the 22nd of February, 2021.
Consequently, LASACO’s entire issued share capital of 7,334,343,421 ordinary shares of 50 Kobo each at N0.42 per share prior to the share capital reconstruction was delisted from the Nigerian Stock Exchange’s daily official list, while the 1,833,585,855 ordinary shares of 50 Kobo each at N1.68 per share arising from the share capital reconstruction were listed on the exchange’s daily official list on the same day.
What you should know:
- Share Reconstruction otherwise known as a reverse stock split is a technical process whereby a company reduces the total number of outstanding shares it has by cancelling out shares it does not need.
- Sequel to the completion of the company’s 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.
