Dive into the unfolding drama of Coronation Insurance Plc’s proposed NGX delisting, the postponement of their crucial shareholders’ meeting, and what lies ahead for the company.
Ever found yourself amidst a plan only to have it halted by unexpected events?
We’ve all been there, and currently, Coronation Insurance Plc seems to be in the same boat.
Let’s dive into the intricacies of their recent developments concerning a potential NGX delisting.
Delays, Postponements, and Shareholder Meetings
The Initial Plan
A typical sunny day in Nigeria was turned around when Coronation Insurance Plc announced the indefinite postponement of a crucial shareholders’ meeting.
This wasn’t just any meeting; it was geared towards a proposed delisting from the Nigeria Exchange. Sounds important, right?
The Company’s Disclosure
Statements poured in from every corner, but the most significant was from the company itself.
Shared directly with the Nigerian Exchange, this official statement was signed and sealed by Company Secretary, Mary Agha.
Here’s a snapshot for you: Imagine being one of the holders of the fully paid ordinary shares of Coronation Insurance Plc, eagerly waiting for the meeting slated for 24th August 2023 at the grand Balmoral Hall, Federal Palace Hotel, Victoria Island, Lagos.
The objective? To ponder and, if deemed right, approve a Scheme of Arrangement between the company and its share holders. But, alas, life had other plans.
Shareholders’ Sweet Deal: A Pricey Affair
The 65 Kobo per Share Revelation
With any corporate move, there’s always the money talk.
Here, shareholders had something to cheer about—a payment of 65 Kobo per share.
This wasn’t just a random figure thrown into the mix; it had the nod of approval from the Securities & Exchange Commission (SEC).
But Why the Postponement?
All seemed well. The price was set, shareholders were in agreement, and the SEC gave the green light.
Yet, the company took a step back, citing “unforeseen circumstances” as the villain of the piece.
The Backdrop of the Situation
H2: The Federal High Court’s Role
Here’s where things get interesting.
A court order from the Federal High Court in Lagos necessitated this meeting in the first place. And who was to be the captain of this ship?
None other than Mr Mutiu Sunmonu, the Chairman of the Company’s Board of Directors.
His task? Steer the discussion and report the outcomes straight to the Court.
The Delisting Dance with NGX
The Coronation Capital Offer
Let’s rewind a bit. The buzz began when Coronation Capital (Mauritius) Limited extended an offer to buy shares of Coronation Insurance Plc at 65kobo per share.
The objective? A swift delisting from NGX.
The Premium Price Point
Picture this: The company’s share price was floating at 50 Kobo on August 12, 2021. And then comes an offer at 65 Kobo per share, a whopping 30% premium.
Sounds like a dream for any shareholder, doesn’t it?
When the world of business meets the unpredictability of circumstances, there’s always a story to tell. The situation with Coronation Insurance Plc is a live testament to that.
As they navigate this NGX delisting maze, all eyes will undoubtedly remain on their next moves.
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Why did Coronation Insurance Plc postpone their shareholder meeting?
The company cited “unforeseen circumstances” for the indefinite postponement.
What was the price per share offered to the shareholders?
The shareholders were offered a price of 65 Kobo per share.
Who had ordered the shareholders’ meeting?
The meeting was ordered by the Federal High Court in Lagos.
Who was appointed as the chairman of the meeting?
Mr. Mutiu Sunmonu, the Chairman of the Company’s Board of Directors, was appointed.
What was the last traded price of the company’s share before the 65 Kobo offer?
It was 50 Kobo on August 12, 2021.
are before the 65 Kobo offer?
- The company cited “unforeseen circumstances” for the indefinite postponement.