In July, Coronation Capital (Mauritius) Limited, a company with links to the former Chief Executive Officer of Access Bank Plc (now Access Holdings Plc), Aigboje Aig-Imoukhuede, tabled an offer alongside other related parties to convert the listed Coronation Insurance to private ownership.
Filing a corporate notice with the NGX on Friday on the proposed buyout of shareholders, the insurance firm revealed that it will meet with its shareholders later this month on the proposal. The court-ordered meeting had earlier been scheduled for August 24, 2023 but the company said it postponed the meeting to “consider the Scheme due to unforeseen circumstances.”
Some of the resolutions to be tabled for consideration at the meeting include, the approval of the proposed Scheme of Arrangement, “That for the purpose of giving effect to the Scheme in its original form or with, (or subject to), such modification, addition and condition agreed between the Company and the holders of its fully paid ordinary shares and/or approved or imposed by the Federal High Court or the Securities and Exchange Commission, the Scheme Shares (as defined in the Scheme Document) be transferred to Coronation Capital Mauritius Limited without further act or deed; and the holders of the Scheme Shares who do not wish to remain Shareholders of the Company be paid the Scheme Consideration (as defined in the Scheme Document) for the transfer of the said Scheme Shares.”
Shareholders are also expected to approve the appointment of Coronation Registrars Limited as the nominee, who will aggregate and represent the beneficial interests of the shareholders who opt to remain shareholders of the company.
Coronation Capital (Mauritius) Limited, which already owns over 40 per cent of the insurance firm, proposed to acquire shares of the company at 65 Kobo per unit. The offer price of 65 Kobo represents a premium of 30 per cent to the company’s share price of 50 Kobo on August 12, 2021, being the last traded price before the offer date.
Coronation Insurance and Corporation Capital (Mauritius) are both linked to a financial services group, Coronation Capital, which recently revealed that it had gained holding company status.
The shares of the insurance firm closed trading priced at 65 Kobo on Friday.
