With an offer on the table from Coronation Capital (Mauritius) Limited to acquire its shares, Coronation Insurance Plc faces the possibility of being delisted from the NGX.
Shareholders and the investment community await further details, as the proposed acquisition, set at 65 kobo per share, may significantly impact the company’s listing status.
Mary Agha, the Company Secretary, signed the Proposed Share Acquisition notice, revealing that the offer price of 65 kobo per share represents a 30% premium over the company’s last traded price of 50 kobo on August 12, 2021.
However, before the acquisition can be finalized, regulatory approval is required in accordance with section 715 of the Companies and Allied Matters Act, No.3 of 2020, as well as other relevant rules and regulations.
Coronation Insurance Plc emphasized that if all conditions of the acquisition are approved by the Federal High Court, the company will be delisted from the Nigerian Exchange Limited (NGX). Shareholders will receive detailed information about the acquisition during the Annual General Meeting of the company.
Shareholders of Coronation Insurance and the general public are advised to exercise caution when engaging in transactions involving the company’s shares until additional information regarding the proposed acquisition is made available.
Coronation Insurance Plc was initially listed on the NGX on August 31st, 1990, with a total of 23,991,679,506 outstanding shares.
At the end of trading activities, the company’s share price experienced a decline of -3.57%, closing at N0.81 per share. This resulted in a market capitalization of N19.43 billion
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