Coronation Insurance Plc has officially announced that Coronation Capital (Mauritius) Limited, representing itself and other related parties known as the “Core Shareholders,” has approached the Company’s Board of Directors with a proposal to acquire shares held by other shareholders. The offer price for the shares is set at 65 Kobo per share, with the subsequent aim of delisting Coronation Insurance from the Nigerian Exchange Limited (NGX).
The proposed offer price of 65 Kobo per share represents a premium of 30% compared to the Company’s share price of 50 Kobo on August 12, 2021, which was the last traded price prior to the offer date.
The Core Shareholders intend to implement the transaction under a Scheme of Arrangement in accordance with section 715 of the Companies and Allied Matters Act, No.3 of 2020, along with other applicable rules and regulations.
However, the Proposed Transaction is subject to regulatory review and clearance, as well as the approval of the Company’s shareholders. The specific terms and conditions of the transaction will be detailed in the Scheme Document, which will be dispatched to all shareholders following the convening of a General Meeting of the Company, as ordered by the Federal High Court. If the conditions are met and the Court sanctions the transaction, Coronation Insurance will be delisted from NGX.
Coronation Insurance advises its shareholders and the public to exercise caution when dealing with the Company’s shares until further information is provided. Any further developments regarding this transaction will be communicated to shareholders in due course.
Mary Agha, the Company Secretary, released the statement on behalf of Coronation Insurance Plc.
This announcement marks a significant development in the future of Coronation Insurance, and shareholders and stakeholders are urged to stay informed as the process unfolds.
