NSE approves Newrest ASL’s delisting, suspends shares
The Nigerian Stock Exchange has approved Newrest ASL Plc’s application to delist from the daily official list of the Exchange and has fully suspended trading in its shares.
The NSE, in a statement on Wednesday, made reference to the market bulletin of February 19, 2019, with reference number: NSE/RD/LRD/MB14/19/2/19, where the market was notified of the application filed by the company for the voluntary delisting of its entire 634,000,000 ordinary shares from the daily official list of the Exchange.
The statement read in part, “Dealing members are hereby notified that further to the Exchange’s approval of the application for voluntary delisting of the company, the shares of Newrest ASL were today, Wednesday, February 27, 2019, placed on full suspension.
“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.”
The NSE said the company’s application to delist was as a result of its inability to meet up with the 20 per cent free float requirement of the Exchange.
It said, “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.”
It stated that the company’s stockbroker had informed the Exchange that it had opened and deposited sufficient funds to settle minority shareholders in an escrow account with Zenith Bank Plc to be managed by Meristem Registrars Limited, adding that dealing members would be notified of the date of the company’s delisting in due course.