PRESTIGE ASSURANCE PLC RIGHTS ISSUE
The Nigerian insurance industry regulator, the National Insurance Commission (“NAICOM”) via its circular released in May 2019, mandated companies with a General Insurance Business License to have a minimum paid up capital of N10 billion by September 30, 2021. This was as part of a new recapitalization and increased minimum capital requirement for all insurance companies in Nigeria across the various categories.
In line with the above, Prestige Assurance Plc, having a current admissible issued and paid up capital of c. N3.8 billion (as defined by NAICOM), requires and seeks to raise N6.8 billion via Rights Issue to meet up with the new industry requirement. Accordingly, and following a resolution of the Board of Directors, the Company appointed Eczellon Capital Limited, a licensed issuing house and capital market operator as Financial Advisers and Issuing House, to manage the recapitalization exercise on behalf of the Company.
The Company, through its Advisers, has now obtained approvals from the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) to issue 13,635,796,006 Ordinary Shares of N0.50k each at N0.50k per share on the basis of Thirty-Eight (38) new Ordinary Shares for every Fifteen (15) Ordinary Shares held as at the qualifying date of January 31, 2020. Trading in Rights will commence on August 10, 2020 and close on September 17, 2020, as published in national newspapers – the Guardian and Punch newspapers – on July 21, 2020.
Please see below, links to relevant documents on the Rights Issue for your study, consideration and execution as may be required.
You are advised to read the Rights Circular and other documents carefully, and seek professional advice of your banker, stockbroker, accountant, solicitor or any other professional for guidance.
Please note that this publication is for information only, and the documents provided – the Rights Circular, the information therein, and other documents do not constitute investment advice or an offer from the Issuing House to subscribe to the shares being offered.
For information on the applicable Rights for respective shareholders, or any other information relating to shareholders and their holdings, please contact the Registrars, First Registrars and Investor Services Limited on these channels:
Yaya Lawal on 08023975612, Modupe Ajigbotafe on 08023189811 or via email on firstname.lastname@example.org
Shareholders who do not have stockbrokers are advised to contact the Stockbrokers to the Issue, Imperial Asset Mangers Limited on these channels:
Tayo Akintan on 08033059496, Samuel Armon on 080232296338 or via email on email@example.com
For any other enquiries or information, please contact the Issuing House, Eczellon Capital Limited on these channels:
Bolatito Olujobi on 07088604267, Chinonso Osuji on 07088604269 or via email on firstname.lastname@example.org
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Eczellon delivered a quick and most efficient bond restructuring exercise. Investor engagement and regulatory filing were exceptional and our cashflow management objectives were achieved in double quick time