They have offered to acquire the shares at a price of 65
kobo per share and subsequently delist the Company from NGX.
The offer price of 65 kobo represents a premium of 30percent
to the Company’s share price of 50 kobo on August 12, 2021 being the last
traded price prior to the offer date.
“It is intended that the Proposed Transaction will be
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. 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,” according to Coronation Insurance in a July 4 statement signed by
the company secretary, Mary Agha.
“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,” the company noted.