By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-The board of directors of beverage makers, Cadbury Nigeria Plc Friday said it’s insisting that trading in shares of the company remain on full suspension at the Nigerian bourse until a certificate of decrease in share capital has been issued.

The company in a notice to the Nigerian stock exchange and made available to InvestAdvocate said further to its shareholders special resolution passed on December 19, 2013 approving the reduction of the company’s share capital, the terms of the resolution have been approved by the order of the Federal High Court on December 30, 2013.

According to the directors of the beverage makers, it has passed a resolution that until the requirements of the court sanction approving the capital reduction has been complied with; trading in the shares of the company at the Nigerian bourse should remain suspended.

Cadbury Nigeria said its Solicitors have filed an application with the corporate affairs commission for the registration of the court sanction as required by the provisions of section 109 CAMA.

‘’Cadbury Nigeria Plc has confirmed that the CAC is yet to issue a certificate of decrease in share capital and that the capital reduction will only become effective following the issuance of the certificate,’’ the beverage maker said.

The company further affirmed that until this Certificate is received from CAC the company cannot ask the NSE to lift the suspension imposed in respect of trading in its shares. ‘’It therefore requests that the suspension should be continued until such time that the CAC issues the Certificate. The Company undertakes to notify the exchange as soon as it receives confirmation from its Solicitors that the certificate has been issued,’’ Cadbury Nigeria said.

On January 03, 2014, the beverage marker announced it has applied for its shares to be placed on full suspension at the NSE following its capital reduction exercise.