Coronation Insurance Plc has disclosed that it has received an offer from Coronation Capital (Mauritius) Limited to acquire shares of the company at 65kobo per share and subsequently delist from NGX.
Coronation Insurance stated this in a Proposed Share Acquisition notice to the Nigerian Exchange Limited (NGX) and the investment community obtained by Nairametrics.
According to the statement 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.
The proposed acquisition is 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.
Delisting from NGX
The company noted that Coronation Insurance Plc would be delisted from The Nigeria Exchange Limited (NGX) if all conditions of the acquisition are approved by the Federal High Court.
The details of the acquisition would be sent to all shareholders during the Annual General Meeting of the company.
Shareholders of Coronation Insurance and the general public are advised to proceed with caution when engaging in transactions involving shares of the company until additional information as regards the proposed acquisition is made available.
What You Should Know
Coronation Insurance Plc was listed on the NGX on August 31st, 1990 with the number of outstanding shares at 23,991,679,506.
- At the close of trading activities, the company’s share price fell -3.57% to close at N0.81 per share with a market capitalization of N19.43 billion.
Good bye to good old West African Provisional.Imsurance Co Ltd
We the shareholders of the company are concerned that the offer is coming to us based on the price of the stock in 2021.
Why don’t the buyers update the offer based on today’s price?
Although shareholders haven’t received a dividend from this company for more than 15 years now, it’s wrong to assume that we want to dash our shares to the majority shareholder for peanuts.
I totally agree with Mr Godwin submission how can a share price of 50kobo as at 2021 be taken as the price instead of the price as at current pricing do they think that we are fools it is the same management of acess bank going round n round using the bank Shareholder funds taking it out to Mauritius n then bringing it in as overseas buyers totally ridiculous it is time the Nigeria stock exchange n SEC wake up n start genuinely protecting minor shareholders interest in this new Govt
After the delisting, can the customers still have confidence in the system?
The Nigerian capital market is still growing. Obviously a situation where businessmen will continually buy over and delisted a public listed company is truncating the growth of our market..The NASS can at least do the honour of protecting investors and the market. Why can’t Imoukhuede family acquire any of the private insurance firms or create their own from scratch? They ended up destroying the confidence of retailers in the Nigerian stock market that hardly do we have 500,000.active retail investors..Thanks to institutional investors like the PFAs and bank holdcos that are pumping money into the market. In a country reputed to have over 200molion.people, we cannot boast of 1million active retail investors. Nigerians in diaspora do not see the market as e ticing. The return is not favourable to them. We are all living for the present. Nobody is planning for the future. The stock market has recorded massive delistings in the last ten years to the extent that some indices being maintained by NGX cannot boast of full.complemenr.of.members. what a shame.of a stock market..
Imagine! Shares I purchased 15years ago @#2.40k without any dividend,they want to buy at 65k? God will judge una!