Coronation Insurance Plc has announced plans to delist from NGX following an offer from Coronation Capital (Mauritius) Limited to acquire shares of the company at 65 kobo per share.
In a Proposed Share Acquisition notice to the Nigerian Exchange Limited (NGX) and the investment community signed by Mary Agha, the Company Secretary, the offer price has been set at 65 Kobo per share, representing a 30% premium over the Company’s last traded price of 50 Kobo on August 12, 2021.
Agha indicated that the proposed acquisition was subject to regulatory approval in accordance with section 715 of the Companies and Allied Matters Act, No.3 of 2020, and other relevant rules and regulations.
She stated that the management intended that the Proposed Transaction wouldbe implemented under a Scheme of Arrangement in line with section 715 of the Companies and Allied Matters Act, No.3 of 2020 (as amended) and other applicable rules and regulations.
She further clarified: “The Proposed Transaction is subject to the review and clearance of the regulators as well as the approval of the shareholders of the Company. The terms and conditions of the Proposed Transaction will be provided in the Scheme Document which will be dispatched to all shareholders upon the convening of a General Meeting of the Company pursuant to an order by the Federal High Court. If the conditions of the Proposed Transaction are satisfied and same is sanctioned by the Court, the Company would be delisted from NGX.
“Further developments will be communicated to shareholders in due course. Coronation Insurance’s shareholders and members of the public are advised to exercise caution in dealing in Coronation Insurance’s shares until further information is provided”, Agha added.
