Coronation Insurance Receives Buyout Offer, to Delist from NGX

Coronation Insurance Plc has notified the Nigerian Exchange Limited (NGX) that Coronation Capital (Mauritius) Limited on behalf of itself and other related parties, (together, the “Core Shareholders”) have approached the Board of Directors of the Company with an intention to acquire the shares held by other shareholders of Coronation Insurance.

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.

July 06, 2023