NSE sus­pends trad­ing in shares of Con­ti­nen­tal Re

Business a.m. - - FINANCE & INVESTMENT -

THE NIGE RIAN STOCK EX­CHANGE has fully sus­pended trad­ing in the shares of Con­ti­nen­tal Re-In­sur­ance Plc.

The de­ci­sion ac­cord­ing to the NSE is nec­es­sary to de­ter­mine the share­hold­ers that will qual­ify to re­ceive the scheme con­sid­er­a­tion fol­low­ing the res­o­lu­tions passed by the share­hold­ers of CRe at the Court Or­dered Meet­ing (COM) held on 20 De­cem­ber 2018 in favour of the pro­posal by CRe African In­vest­ments Lim­ited (a ma­jor share­holder of the CRe) to ac­quire all the out­stand­ing and is­sued shares of CRe for cash or shares.

The sus­pen­sion was granted fol­low­ing a re­quest from Chapel Hill Den­ham Se­cu­ri­ties Lim­ited, stock2019 bro­kers of the in­sur­ance firm. “Trad­ing in the shares of Con­ti­nen­tal Rein­sur­ance Plc was sus­pended ef­fec­tive, 31st De­cem­ber, 2018,” the NSE said in its weekly re­port on Fri­day. 93 per­cent mi­nor­ity share­hold­ers of Con­ti­nen­tal Rein­sur­ance Plc had agreed to an out­right ac­qui­si­tion which sched­uled to oc­cur on the 4th of Jan­uary 2019.

The scheme of ac­qui­si­tion re­vised up­wards from N2.04 to N2.10 per share was con­sid­ered in a court-or­dered meet­ing held De­cem­ber 20, 2018, rep­re­sent­ing a 51.08 per­cent premium on the share price of CRe Nige­ria as at the close of trad­ing on Oc­to­ber 5, 2018 which is N1.39; be­ing the last busi­ness day prior to the date on which the pro­posal was re­ceived from CRe African In­vest­ments Lim­ited.

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