Newrest ASL Nigeria Plc has filed application seeking to delist its entire shares from the Nigerian Stock Exchange (NSE).
The NSE yesterday confirmed that it has received application from the board of directors of Newsrest ASL, kick-starting the formal regulatory approval process for a voluntary delisting of its shares from the Exchange.
In the application filed by Newrest ASL’s stockbroker, Helix Securities Limited, the company is seeking to voluntary delist its entire 634 million ordinary shares of 50 kobo each from the Daily Official List of the Exchange.
Head, Listings Regulation, Nigerian Stock Exchange (NSE), Godstime Iwenekhai, stated that the voluntary delisting was due to inability of Newrest ASL to meet up with the 20 per cent free float requirement of the Exchange.
The company stated that in line with the provisions of extant rules, 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.
Rule 1.10 of the Rules for Delisting of Equity Securities from the Daily Official List of the Exchange states that: 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.