Nigeria’s capital market regulator, the Securities and Exchange Commission (SEC), has granted approval to underwriter, Royal Exchange Plc, to go ahead with its proposed right issue of 4.116 billion ordinary shares of 50 kobo each at 50 kobo per share.
In a corporate filing with the Nigerian Exchange Limited signed by Irene Chkukelu, for Mazars Ojike and Partners, the Company Secretary, the insurer said the rights issue will be based on four new ordinary shares for every five ordinary shares held in the company.
Qualification date for the rights issue is 6th March 2023, subject to the approval of the executed offer documents by the SEC, the notice indicated, adding that the application list is expected to open on the 29th of November 2023 or any other date approved by the Commission and shall open for a maximum period of 28 days.
It said the “Rights circular will be distributed to shareholders by the company’s registrars, while application forms will made available on the websites of the company and the registrars for ease of access.
“At the appropriate time, shareholders are advised to contact their stockbrokers or financial advisers for more details of the offer.”
The company holds its 54th annual general meeting virtually on Friday, November 17, 2023.
