This was conveyed in a market bulletin by the Head of Listings Regulation Department at NGX Regulation, Godstime Iwenekhai, stating that he entire issued shares of Consolidated Hallmark, totaling 10,840,000,000, were delisted from the Daily Official List of the Nigerian Exchange Limited on Monday.
The bulletin stated, “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.”
It can be recalled that on November 20, NGX revealed that it has fully suspended Consolidated Hallmark Insurance from trading their shares in preparation for delisting from the market.
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.
