NSE Delists Law Union Insurance from Daily Official List

Law Union and Rock Insurance Plc has been delisted from the daily official list of the Nigerian Stock Exchange.

The NSE said in a statement that the company was officially delisted following the conclusion of a scheme of arrangement.

The NSE had in October suspended the shares of Law Union and Rock Insurance.

The suspension was to prevent trading on the shares floated by the company, pending the acquisition of the entire shares of Law Union by Kanuri LUR Ltd .

NSE said, “We refer to our market bulletin of 16 October 2020 with reference Number: NSE/RD/LRD/MB56/20/10/16 wherein the Market was notified of the full suspension placed on the shares of Law Union and Rock Insurance Plc (Law Union or the Company) to prevent trading in the shares of the Company beyond the Effective Date of the Scheme of Arrangement by which Kanuri LUR Limited will acquire all the entire issued shares of Law Union.”

NSE said it delisted the company based on the conclusion of the referenced Scheme of Arrangement, alongside the approval of the Company’s application to delist its entire issued share capital from the NSE.

The NSE said the entire 4,296,330,500 outstanding ordinary shares of Law Union and Rock Insurance Plc have been delisted from its daily official list.