Newrest ASL Nigeria Plc – Voluntary Delisting from the Daily Official List of The Exchange
Dealing Members are hereby notified that Newrest ASL Nigeria Plc (Newrest or the Company) has through its Stockbroker, Helix Securities Limited, submitted an application to The Nigerian Stock Exchange (The Exchange) for voluntary delisting of the entire 634,000,000 ordinary shares of the Company from the Daily Official List of The Exchange as a result of its inability to meet up with the 20% free float requirement of The Exchange.
In line with the provisions of Rule 1.10 of the Rules for Delisting of Equity Securities from the Daily Official List of The Exchange which 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.
The Company’s stockbroker has informed The Exchange that 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.