Coronation Insurance receives buyout offer

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.

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.

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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.

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.