The Nigerian Exchange Limited (NGX) has suspended trading on the shares of Glaxo SmithKline Consumer Nigeria (GSK) Plc.
The suspension is for eventual delisting from the Exchange.
This was contained in the weekly report of the Exchange.
The suspension followed the approval of the Scheme of Arrangement Glaxo SmithKline Consumer Nigeria Plc between the company and holders of its fully paid ordinary shares by the Securities and Exchange Commission and sanctioning of the Scheme of Arrangement by the Federal High Court.
The GSK Plc recently announced that the Company had received the Securities and Exchange Commission’s formal approval of its scheme of arrangement which will result in delisting from the NGX.
The approval followed the Court Ordered Meeting held on December 5, 2023 – at which the shareholders of GlaxoSmithKline Consumer Nigeria Plc approved the proposed Scheme of Arrangement.
The report indicated that the suspension was to enable the Registrars to update the register of members for payment of the Scheme consideration and eventual delisting of the Company from the NGX.
“Trading Licence Holders are hereby notified that following the approval of the Scheme of Arrangement Glaxo SmithKline Consumer Nigeria Plc (the Company) between Glaxo SmithKline Consumer Nigeria Plc and holders of its fully paid ordinary shares by the Securities and Exchange Commission and sanctioning of the Scheme of Arrangement by the Federal High Court, trading in the Shares of the Company was suspended on the Nigerian Exchange Limited on Monday, 22 January 2024.
“The suspension was to prevent further trading on the shares of the Company given that the effective date of the scheme of Arrangement was Friday, 19 January 2024, being the day, the Court Sanction was filed with the Corporate Affairs Commission and to enable the Registrars to update the register of members for payment of the Scheme consideration and eventual delisting of the Company from the NGX,” the report read.
