IMPORTANT UPDATE | AXA Mansard completes share reconstruction exercise.
AXA Mansard Insurance Plc has announced the successful completion of its share reconstruction exercise
AXA Mansard Insurance Plc has announced the successful completion of its share reconstruction exercise, and the subsequent lifting of the closed period embarked upon by the firm during the period.
In a bid to facilitate the reconstruction exercise, trading in the shares of AXA Mansard Insurance Plc were suspended from Thursday 9th of September, 2021, so that shareholders’ register can be updated with the reconstructed shares.
However, in a recent development, the firm has notified its shareholders and the general public that it has completed the exercise and lifted the embargo placed on the trading of its shares. Confirming the recent development, the insurance giant in the recent press release said: ‘’Following the communication to the Nigerian Exchange Limited and to the esteemed shareholders, dated 7 September 2021, on the planned suspension of trading on the shares of AXA Mansard Insurance Plc (“AXA Mansard” or the “Company”) on 09 September 2021, in order to effect the share reconstruction/redenomination of AXA Mansard shares, kindly note that the share reconstruction has now been effected, and the reconstructed shares have been credited to each shareholder’s account.
‘’The suspension of trading on the Company’s shares has also been lifted and the shares can now be traded. Please take this as notice in respect of the above.’’
What you need to know:
A quick explainer on share reconstruction exercises (or ‘reverse stock splits’).
What happened is a Share Reconstruction (Reverse split) of 1 for 4. That means for every 4 shares of AXA Mansard you had before, you now have 1 share.