The Nigerian Stock Exchange (NSE) at the weekend, delisted 10,372,744,312 ordinary shares of Continental Reinsurance (CRe) Plc from its daily official list.
The exchange had granted the company’s approval to delist after it filed an application for voluntary delisting, stating that the delisting was consequent upon a scheme of arrangement between Continental Reinsurance and the holders of its fully paid ordinary shares of 50 kobo each.
Meanwhile, the company had denied delisting plans, stating that it had no plans for it. According to the Managing Director of Continental Reinsurance, Olufemi Oyetunji, back in January 2019, the company was only planning to change its business structure to attract capital.
“We need all the capital we can get for this restructuring. So, it is not even a wise decision to delist. People saying that we plan to delist are spreading rumours. We have no plans to delist or to do a change of name for the company.”
But in a notice sent to the investing community, the NSE said, following the conclusion of the Scheme of Arrangement by which CRe African Investments Limited (CRe Investments) will acquire all the shares of CRe Nigeria, it became necessary to delist its entire issued share capital.
“We refer to our market bulletin of 28 November 2019, wherein the market was notified of the full suspension placed on the shares of Continental Reinsurance Plc (CRe or the company) to prevent trading in the shares of the company beyond the effective date of the Scheme of Arrangement by which CRe African Investments Limited (CRe Investments) will acquire all the shares of CRe Nigeria.
Following the conclusion of the above referenced Scheme of Arrangement, and sequel to the approval of the Company’s application to delist its entire issued share capital from The Nigerian Stock Exchange (The Exchange), please be informed that the entire 10,372,744,312 ordinary shares of Continental Reinsurance Plc, delisted from the daily official list of the Exchange”, it said.