Prestige Assurance moves to reconstruct shares

Prestige Assurance to write off N776.5m loss with share cancellation

Prestige Assurance Plc is set for the reconstruction of shares on its register.

This will lead to reduction of N776 million or 1.55 billion ordinary shares.

Prestige Assurance said the essence of the capital reconstruction is to wipe out its accumulated retained losses of N776.511 million.

Besides, the reconstruction will allow the company to declare dividend and improve its perception in the market thereby making it more competitive.

Already, the Nigerian Stock Exchange had suspended trading and price movement on the shares between last Friday, March 23 and Tuesday, March 27, 2018 to enable the company’s Registrars update the shareholders’ register for the planned share capital reconstruction.

According to the proposed share reconstruction, Prestige Assurance plans to cancel about 1.6 billion ordinary shares out of its issued and fully paid up share capital

Prestige Assurance is seeking to reduce its share capital from N2.685 billion or 5.370 billion ordinary shares of 50 kobo each to N1.909 billion or 3.817 billion ordinary shares of 50 kobo each in the issued and fully paid up ordinary shares.

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