Sov­er­eign Trust lists ad­di­tional shares on NSE

The Punch - - CAPITAL MARKET -

SOV­ER­EIGN Trust In­surance Plc has listed on the Nige­rian Stock Ex­change an ad­di­tional 4,170,411,648 or­di­nary shares, which were is­sued by way of a rights is­sue.

A state­ment re­leased on Tues­day no­ti­fy­ing deal­ing mem­bers of the devel­op­ment, said the shares were listed on De­cem­ber 23 on the daily of­fi­cial list of the Ex­change.

It said the ad­di­tional shares listed arose from the com­pany’s rights is­sue of 4,170,411,648 or­di­nary shares of 50 kobo each at 50 kobo per share based on one new or­di­nary share for ev­ery two or­di­nary shares held as of Jan­uary 15, 2019.

The no­tice read in part, “Please, note that at the close of the of­fer pe­riod, the rights is­sue was 72.50 per cent sub­scribed and the ad­di­tional or­di­nary shares thus listed have been reg­is­tered by the Se­cu­ri­ties and Ex­change Com­mis­sion.

“With this list­ing of the ad­di­tional 4,170,411,648 or­di­nary shares, the to­tal is­sued and fully paid up shares of Sov­er­eign Trust In­surance has now in­creased from 8,340,823,296 to 12,511,234,944 or­di­nary shares.”

In an­other devel­op­ment on Tues­day, the NSE sus­pended trad­ing in shares of Ce­ment Com­pany of North­ern Nige­ria Plc.

It said the shares of the com­pany were placed on full sus­pen­sion as it be­came im­per­a­tive to pre­vent trad­ing in the shares of the com­pany be­yond the ef­fec­tive date of the scheme of merger be­tween the com­pany and Obu Ce­ment Com­pany.

The ef­fec­tive date is the date the cer­ti­fied true copy of the court sanc­tion would be reg­is­tered with the Cor­po­rate Af­fairs Com­mis­sion.

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