NSE suspends trading in shares of Continental Re
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.