GNI Notifies on Voluntary Delisting from the Nigerian Stock Exchange


Thursday, Aug 09, 2018 11:55AM / NSE


At the extraordinary general meeting of shareholders of great Nigeria insurance plc ("the Company") held at His Grace Events Centre, Dreamland Africana Way, Lekki Lagos on the 25th day of July 2018, the following Resolution was passed: -

A.    That the shares of Great Nigeria Insurance Plc be and is hereby approved for delisting from the Bourse of the Nigerian Stock Exchange ("The Exchange") with immediate effect.

B.    The following matters contained in the Explanatory Statement to shareholders were noted and approved as part of the de-listing process: -

1.       The Company to commence the process of voluntary de-listing of all the ordinary issued share capital from listing on the Official List and from trading on the main market of the Nigerian Stock Exchange (the "Exchange").

2.      The Voluntary Delisting will not occasion loss of the shares held by the minority shareholders as such the shareholders may retain their membership in the unlisted Company.

3.      Through the Voluntary Delisting process, the minority shareholders who do not wish to be members of an unlisted Company will have an opportunity to exit the Company prior to the delisting of the Company from the Exchange.

4.      The following include the Exit Options and Consideration for such minority shareholders;

·                    Minority shareholders may exit the Company prior to the delisting by:

·                    Trading their shares on the floor of the Nigerian Stock Exchange through their nominated Stockbroker;

·                    Receiving consideration from the Company ("the Exit Consideration") in exchange for transferring their shares, a cash consideration of N0.50 per share ("Cash Consideration").

5.      This Resolution be filed at the Exchange for its written approval thereof.

6.      The Board of Directors of the Company should inform/notify other Regulatory Agencies as may be necessary in the course of the de-listing process.

7.      The Board of Directors of the Company should take necessary steps to complete the process of de-listing.


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