AXA Mansard Insurance Plc completes 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.

This was confirmed by the firm in a recent press release signed by its secretary, Mrs. Omowunmi Mabel Adewusi, and filed with the Nigerian Exchange Limited (NGX).

Recall that in an earlier notice dated 7th of September 2021, the Insurance firm had notified shareholders and the investing public of its plans to reconstruct or redenominate its shares from a nominal value of 50 kobo to N2 per share. The firm claimed that it had obtained approval from its shareholders during its Extraordinary General Meeting to proceed with this.

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 should know:

  • A share reconstruction exercise also known as ‘reverse stock split’ is just a way of technically reducing the number of outstanding shares of a company and increasing its share price without affecting market value. For instance, a firm with 10 billion units of ordinary shares of 50k each with a market price of N5 can decide to reconstruct 2 shares into 1. This will reduce the firm’s number of issued share capital, but not the value of shares held by shareholders.
  • Consequently, AXA Mansard Insurance Plc’s entire issued share capital of 36,000,000,000 ordinary shares of 50 kobo each at N0.50 per share prior to the share capital reconstruction exercise was delisted from the Nigerian Exchange Limited (NGX) daily official list, while 9,000,000,000 ordinary shares of 50 kobo each at N2 per share arising from the share capital reconstruction were listed on the exchange’s daily official list.

AXA Mansard announces Director’s resignation.

Mr. Ohis Ohiwerei, an Independent   Non-Executive Director of AXA Mansard Insurance Plc, has resigned from the company’s board, effective from August 31, 2021.

This was announced via a notice signed by the company’s secretary, Omowunmi Mabel Adewusi, and made available on the website of the Nigerian Exchange Limited (NGX).

The Board seized the opportunity to express their appreciation to Mr. Ohiwerei for his leadership and overall contribution to Company’s growth during his tenure on the Board, an indication that his resignation was unanimously accepted and approved by the Board.

In addition, the company also stated that it is currently awaiting the approval of the regulators to announce his replacement.

About Mr. Ohis Ohiwerei

Mr. Ohis Ohiwerei was appointed into the Board of AXA Mansard Insurance Plc as Independent Non-Executive Director, since August, 2016. He also serves in the Board of other notable companies like Notore Chemical Industries Limited, and Orange One Finance Limited, among others.

He has over twenty three years’ experience in the banking industry, having worked in Guaranty Trust Holding Company (formerly GTBank), from 1992 till 1998. He then joined Ecobank Plc in 1998 as Country Treasurer for Nigeria and a member of the regional treasury audit team till 2000 when he joined Diamond Bank Plc.

He served as Chief Financial Officer of Diamond Bank Plc and became Executive Director (Corporate Banking) of Diamond Bank Plc from 2005 till his retirement in 2010. While at Diamond Bank, he also served as the Chief Financial Officer and (Non-Executive) Director of ADIC Insurance Limited.

Ohiwerei holds a Bachelors’ degree in Engineering and Masters in Business Administration (MBA) from the prestigious University of Benin.

What you should know:

  • AXA Mansard Insurance Plc was incorporated on the 23rd of June, 1989 as a private limited liability company and was issued a composite insurance licence by the National Insurance Commission (NAICOM) in March 2004.
  • The company is duly registered by the Securities and Exchange Commission of Nigeria (SEC) and functions as a multi-expert asset management company within the AXA Mansard Group.
  • AXA Mansard Plc closed trading today 14th of September, 2021 with a share price of 83 kobo.