Sunu Assurances Nigeria Plc Proposes Share Capital Reconstruction


Sunday October 18, 2020 / 07:00 AM / by NSE/ Header Image Credit: Sunu Assurances Nigeria Plc

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Following the special resolutions passed by the shareholders of Sunu Assurances Nigeria Plc (the Company) at the Extra-Ordinary General Meeting held on 9 March 2020 in favour of the Company's proposal to carry out a share capital reconstruction, Sunu Assurances Nigeria Plc through its stockbroker, FSDH Securities Limited, has submitted an application for the share capital reconstruction to The Nigerian Stock Exchange.


The share capital reconstruction will result in the cancellation of four (4) existing ordinary shares out of every five (5) ordinary shares of Sunu Assurances Nigeria Plc held by its existing shareholders. The total number of issued ordinary shares post the capital reconstruction exercise will be Two Billion, Eight Hundred Million (2,800,000,000) ordinary shares of N0.50 each while a total of Eleven Billion, Two Hundred Million (11,200,000,000) ordinary shares of N0.50 each will become cancelled and unissued.


The Qualification Date for the capital reconstruction is Friday, 16 October 2020 while trading in the Company's shares will be placed on suspension effective Monday, 19 October 2020.


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