business

Lasaco Shares not Suspended

Published

4 years ago

February 24, 2021

prestigeNewsEditor

Our attention has been drawn to an Online publication on the 22nd of February 2021 that Lasaco Assurance Plc. (“LASACO”/”the Company”) shares had been placed on indefinite suspension.

This is not correct as the shares of the Company were never placed on indefinite suspension by The Nigerian Stock Exchange (“NSE”/”the Exchange”).

The shareholders of Lasaco Assurance had at the Annual General Meeting of 8th October, 2019, approved the reconstruction of 7,334,343,421 Ordinary shares of 50k each in the share capital of the Company in the ratio of ONE (1) new Ordinary share for every FOUR (4) Ordinary shares previously held by the shareholders into 1,833,585,855 Ordinary shares of 50k each.

Lasaco Assurance, through its Financial Advisers and Stockbrokers filed necessary Applications with the Securities & Exchange Commission (“SEC”/”the Commission”) and The Nigerian Stock Exchange (“NSE”/”the Exchange”) for the reconstruction of the said Issued shares as directed by the shareholders.

Following the approval of SEC with the Issuance of Letter of no Objection to the reconstruction by the Commission and submission of the said letter to the Exchange, suspension from trading in the shares of the Company was placed by the Exchange from Monday 1st February, 2021 to Friday, 19th February, 2021 to allow the Share Reconstruction exercises to be concluded.

The shares of the Company resumed trading on Monday, 22nd February, 2021 following the conclusion of the Share Reconstruction.

It should be noted that Lasaco Assurance is a regulatory compliant institution and had not done anything to warrant an indefinite suspension of its shares at the Exchange as published by your paper.

Management.