LASACO assurance proposes share capital reconstruction


By Kayode Tokede

LASACO assurance Plc has announced the proposed share capital reconstruction to market stakeholders.

A statement to the Nigerian Stock Exchange (NSE) stated that, “Following the special resolution passed by the shareholders of LASACO Assurance at the 39th Annual General Meeting of the Company held on 8 October 2019 in favor of the Company’s proposal to carry out a share capital reconstruction, LASACO Assurance through its lead stockbroker, Signet Investment and Securities Limited, has submitted an application for the share capital reconstruction to The Nigerian Stock Exchange.

“The share capital will be reconstructed on the basis of one (1) new ordinary share of 50 Kobo each for every four ordinary shares of 50 Kobo each previously held by the existing shareholders.

“The paid up share capital of the Company post the capital reconstruction exercise will be reduced from N3,667,171,710.50 divided into 7,334,343,421 ordinary shares of 50 Kobo each to N916,792,929.63 divided into 1,833,585,855 ordinary shares of 50 Kobo each.”