BY CAROLINE AMOSUN
Coronation Insurance Plc, a prominent Nigerian insurance company, recently received a notification from Coronation Capital (Mauritius) Limited, along with other related parties, expressing their intention to acquire the shares held by other shareholders of Coronation Insurance.
The offer price of 65 Kobo per share represents a 30 percent premium over the company’s last traded price on August 12, 2021.
The company further revealed that the Proposed Transaction, which aims to delist Coronation Insurance from the Nigerian Exchange Limited, will be implemented through a Scheme of Arrangement in accordance with the Companies and Allied Matters Act.
The scheme is subject to regulatory review, clearance, and the approval of the company’s shareholders.
The specific terms and conditions of the transaction will be disclosed in a Scheme Document that will be distributed to all shareholders upon the convening of a General Meeting, which will be ordered by the Federal High Court.
If the conditions of the Proposed Transaction are satisfied and approved by the court, Coronation Insurance will be delisted from the NGX.
Shareholders and members of the public are advised to exercise caution in dealing with Coronation Insurance’s shares until further information is provided.
Mary Agha, the Secretary of Coronation Insurance Plc, had disclosed the announcement on behalf of the company via an official press release, noting that further updates regarding the transaction will be communicated to shareholders in due course.
