NSE Delists Newrest ASL from official list

The Nigerian Stock Exchange (NSE) has delisted the entire issued share capital of Newrest ASL Nigeria Plc from its daily official list.

The Exchange in a notice obtained by the Woleshadarenews, said: “Further to our market bulletin of 27 February 2019 with reference number: NSE/RD/LRD/MB17/19/02/27 notifying dealing members of the Nigerian Stock Exchange’s approval of the application for voluntary delisting of the entire share capital of Newrest

ASL Nigeria Plc (Newrest ASL or the Company), and subsequent suspension of trading in the shares of the Company, please be informed that the entire issued share capital of Newrest ASL were delisted from the Daily Official List of The Exchange on 13 May 2019”.

Following operational challenges, Newrest ASL Nigeria recently applied for voluntary delisting from the Daily Official List of the Nigerian Stock Exchange (NSE).

In a statement, dealing members were notified that Newrest ASL Nigeria Plc has through its stockbroker, Helix Securities Limited, submitted an application to the Exchange for voluntary delisting of the entire 634,000,000 ordinary shares of the Company from the Daily Official List of the Exchange as a result of its inability to meet up with the 20 per cent free float requirement of the Exchange.

The statement signed by Godstime Iwenekhai Head, Listings Regulation, noted that 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: “The Issuer shall set aside funds sufficient to purchase the interest of all shareholders who expressed their dissent to the resolution to de-list the Issuer; and the Funds shall be domiciled with a Registrar or a Custodian duly registered by and in good standing with the Securities and Exchange Commission”, the Company’s stockbroker has informed the Exchange that it has opened and deposited sufficient funds to settle minority shareholders in an Escrow Account with Zenith Bank Plc to be managed by Meristem Registrars Limited.

 Newrest had said that the company’s Board of Directors have resolved by a written resolution dated 18th December 2018 to recommend to the company’s shareholders at an Extraordinary General Meeting (EGM) to be held on January 29, 2019, the voluntary delisting of all outstanding shares of the company on the NSE.

The company in a notice to the NSE signed by the Company Secretary said Richard Akerele (Chairman) and Jonathan Stent-Torriani, are authorized to take effective steps for voluntary delisting of the company’s shares from the NSE and accept any reasonable terms and conditions as may be imposed by the NSE or any regulating authorities and settle all the questions and matters arising out of and incidental to the proposed voluntary delisting of the equity shares of the company from the NSE and execute documents or any other writings, which they may in their absolute discretion consider necessary, proper or expedient for giving effect to the resolution.