Shareholders approve voluntary delisting of GNI
Shareholders of Great Nigeria Insurance Plc (GNI), unanimously approved the delisting all the ordinary issued shares of the company from the Daily Official List, as well as trading on the main board of the Nigerian Stock Exchange (NSE).
Speaking at the company’s yearly general meeting in Lagos, a member of the Independent shareholders Association of Nigeria (ISAN), Sunday Solomon Akinsoye, said that the continued fining of the company by NSE is destroying the investments of minority shareholders.
He noted that the shareholders are not pleased with the regulator, adding that if such funds paid as fines are channelled as dividend or for investment, shareholders would be better off.
Also, Alex Adio, a shareholder, applauded the board of directors for the bold step they have taken to delist the company voluntarily from the exchange, adding that the company has what it takes to survive after the delisting.
According to him remaining at the exchange has not in any way benefiting to the company, while assuring that shareholders will support all move by the company.
The Chairman of the company, Bada Aluko, said that the decision to delist the company from NSE was the result of “no trading” on its shares since five years.
”Over the last five years, there is little or no trading activity, with only 0.5 per cent of shares held by the minority shareholders being traded.
There was a measurable fall in trading volumes in a 12-month, with an average daily volume of circa 1,200 units during the period of January to December 2017.
”Neither our company nor you, our esteemed shareholders, are benefiting from the continued listing, as shares are not getting any exit opportunity and the investments have been locked up and they find it difficult to dispose of their shareholders,” he said.