NGX Places Capital Hotels on Suspension Amid Delisting Moves

Kayode Tokede

Amid its delisting moves, the Nigerian Exchange Limited (NGX) announced that it placed full suspension in trading Capital Hotels Plc shares on the bourse.  

The Exchange in a statement stated that, “We refer to our market bulletin of 1 November 2023 with reference Number: NGXREG/LRD/MB55/23/11/01 wherein the Market was notified of the full suspension placed on trading in the securities of Capital Hotels in preparation for the delisting of the Company.

Following the approval of the Company’s application to delist its entire issued share capital from the NGX, please be informed that the entire issued share capital of Capital Hotels was on Friday, 3 November 2023, delisted from the Daily Official List of NGX”.

NGX had approved the delisting of shares of Capital Hotels to enable the company to explore strategic opportunities.

This was disclosed via a corporate filing statement sent to bourse on September where the hospitality company revealed the terms given by the exchange to enable the company to proceed with the delisting process.

Capital Hotels revealed that NGX had approved the delisting application provided the company opened an escrow account where shareholders who had agreed to exit would be paid.

“Subsequently, Capital Hotels has opened an escrow account with CardinalStone Registrars Limited and provided sufficient funds to shareholders, who as of August 17, 2023, have accepted the Exit Consideration of N5 per share (“Exit Consideration”) which is more than the highest price at which Capital Hotels Plc traded in the last 6 months preceding the date of the Annual General Meeting (AGM) where the Resolution to delist was passed in line with NGX guidelines,” the company explained.

Capital Hotels reported N502.67million profit in nine months ended September 30, 2023 from N187.3million in nine months of 2022.