The Nigerian Stock Exchange (NSE) on Thursday, December 13, 2018 announced a complete suspension on trading in the shares of C&I Leasing Plc.
The full suspension will remain until December 27, 2018 during which there will be no trading or price movement on the shares of the company, the bourse said, adding that the measure is required in order not to hinder the progress of the ongoing share reconstruction of the company. In addition, it will enable the company’s registrars to bring up to date the register of shareholders for the intended share rebuilding.
According to reconstruction outline, the company will reduce its paid-up share capital by 80 percent resulting in the cancellation of 1.506 billion ordinary shares from the existing 1.883 billion ordinary shares. Four ordinary shares of 50 kobo each will be consolidated into one ordinary share of 50 kobo each.
The qualification date for the share reconstruction was Wednesday, December 12,2018. All existing C&I Leasing shares certificates have therefore became null and void on the qualification date while new share certificates would be issued to shareholders whose names appear on the company’s register of members as at the close of business on the qualification date as approved by the court in the ratio of one ordinary share for every four ordinary shares previously held.
