Following the delisting of the shares of Consolidated Hallmark Insurance, over 10.84 billion units of the newly constituted company, Consolidated Hallmark Holdings Plc have been listed on the Nigerian Exchange Limited.
In a market bulletin signed by the Head, Listings Regulation Department of NGX Regulation, Godstime Iwenekhai, it was indicated that the entire 10,840,000,000 issued shares of Consolidated Hallmark were delisted from the Daily Official List of Nigerian Exchange Limited on Monday.
Part of the bulletin read, “Consolidated Hallmark HoldCo’s entire issued share capital of 10,840,000,000 ordinary shares of 50 Kobo each were also today, listed on the Daily Official List of NGX at N0.50 per share.”
On November 20, the NGX revealed that it had fully suspended trading of the insurance company shares as it prepares to delist from the market and list its HoldCo (Consolidated Hallmark Holdings Plc).
The delisting of Consolidated Hallmark and listing of Consolidated Hallmark HoldCo on NGX is under the Scheme of Arrangement between Consolidated Hallmark and the holders of its fully paid ordinary shares of 50 Kobo each as approved by the Securities and Exchange Commission and sanctioned by the Court.
The delisted company held the court-ordered meeting on November 1, 2022, where shareholders approved the transition of the company into a holding company. However, it wasn’t until after an emergency board meeting held on November 15, 2023, that the NGX suspended trading in the stocks of the company.
The NGX notice said, “The suspension is necessary to prevent trading in the shares of the Company and to enable the Company to reconcile its books with CSCS for delisting of Consolidated Hallmark Insurance Plc and listing of Consolidated Hallmark Holdings Plc. The suspension is required to determine the shareholders who will qualify for the consideration.”
Shares of the Holdco kicked off trading at N1.09 per unit and closed trading on Wednesday on the gainers’ chart at N1.3 per unit having appreciated by 9.24 per cent.
