Following the approval from the Securities and Exchange Commission (SEC), Sovereign Trust Insurance Plc has extended its Rights Issue offer closing date which opened on Monday, June 24, 2019.
The Rights Issue which ought to have closed on Wednesday, July 31, 2019, has now been extended to August 16, 2019.
The extension of the Rights Issue would allow shareholders ample time to subscribe fully to the offer.
Such opportunity does not come often which was what informed the decision of the management to request for an extension in the closing date of the Rights Issue offer.
Consequently, the management of the company has enjoined all share-holders to take advantage of the extension to fully exercise their rights as that will guarantee the consolidation of their ownership in one of Nigeria’s very dynamic underwriting firm.
A total of 4,170,411,6488, (Four Billion One Hundred and Seventy Million, Four Hundred and Eleven Thousand, Six Hundred and Forty-Eight units of ordinary shares at 50 kobo each have been placed on offer for existing shareholders at 50kobo per share on the basis of one (1) new ordinary share for every two (2) ordinary shares of 50kobo held in the company as at the close of register on January 15, 2019.
According to a statement by the company’s spokesman, Mr. Segun Bankole, the management has also appealed to all shareholders who may be having one challenge or the other in getting their Rights Issue Circular to get in touch with Meristem Registrars electronically on email@example.com or seek advice and consultation from their respective stockbrokers and other professional advisers as the case may be.
“The managing director of the companyhas also reiterated the fact that the company has set a growth agenda which is aimed at positioning the insurance company as one of the top players in the industry, particularly, in the oil and gas sector where it has developed very unique expertise and professionalism over the years.
“He also called on the company’s shareholders to lend their support to the Rights Issue with the new date extension,” the statement said.
He said that the actualization of the set objectives of the growth agenda of the company remains sacrosanct adding that the company is committed to creating exceptional value to all its shareholders.
In his words, “In achieving the huge tasks that have been placed before us, we have identified that a very robust capital base is critical to the success of the set agenda; hence the need to call on our shareholders to fully subscribe to the Rights Issue”.