By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Beverage makers, Cadbury Nigeria Plc Wednesday announced a 90.78 naira post-capital reduction share price as its shares has been lifted on full suspension with immediate effect.

The company said in a notice to the Nigerian stock exchange (NSE) and made available to InvestAdvocate that the 90.78 naira post-capital reduction share price is coming on the heels of the successful filing of a court sanction with the corporate affairs commission (CAC) on February 12, 2014; which is one of the actions required to achieve the new share price.

Cadbury Nigeria said by achieving the February 12, 2014 effective date, its authorised share capital is now reduced by 1,252,172,198 shares from 4,000,000,000 shares to 2,747,827,724 shares.

While it’s issued share capital is also reduced by 1,252,172,198 shares from 3,130,374,238 shares to 1,878,202,040 shares.

Following this, the suspension placed on the company’s share price has been lifted effective today, February 19, 2014.

Cadbury Nigeria early January 2014 announced it has applied for its shares to be placed on full suspension at the Nigerian bourse following a capital reduction exercise.

This came on the heels of an extra ordinary general meeting (EGM) held December 2013, when the beverage maker sought to reduce its capital base by about N12 billion.

Under the capital reduction plan, the company said it expected to return excess capital of N11.9 billion to its shareholders by cancelling two out of every five ordinary (2 to 5) shares currently held by shareholders.

Consequently, it will reduce the share capital account by an amount equivalent to the par value of the cancelled shares and share premium accounts by about N11.27 billion.

The beverage maker said in pursuant to a board written resolution dated January 03, 2014, it was agreed that in compliance with the board resolution of the company dated November 13, 2013, the directors were authorised to take all actions that are necessary to make the share capital reduction effective, and that the register of members of the Company be closed with effect from Wednesday January 08, 2014.