The Nigerian Stock Exchange (NSE) has lifted the suspension it placed on trading in the shares of Continental Reinsurance Plc.
The NSE referred to its Market Bulletin dated 28 November 2019 in a statement, which notified the public of the suspension of Continental Reinsurance for non-compliance with the rules for the filing of accounts and treatment of default filing and the rulebook of the exchange (issuers’ rules).
The statement read in part, We refer to our Market Bulletin of 18 July 2019, with Reference Number: NSE/RD/LRD/MB39/19/07/17, notifying Dealing Members of lifting of the suspension initially placed on trading in shares of Continental Reinsurance Plc (CRe or the Company) to allow the Company reconvene another Court-Ordered Meeting to consider the Scheme of Arrangement as directed by the Securities and Exchange Commission (SEC).
Dealing Members are hereby notified that trading in the shares of CRe has been suspended effective today, Thursday, 28 November 2019.
The suspension is to prevent further trading in the shares of the Company beyond the Effective Date (the date the Certified True Copy (CTC) of the Court Sanction will be registered with the Corporate Affairs Commission) of the Scheme of Arrangement by which CRe African Investments Limited (CRe Investments) will acquire all the shares of CRe Nigeria.