By Kayode Tokede
Law Union and Rock Insurance Plc has announced plans to delist about N4.7billion market capitalisation from the daily list of the Nigerian Stock Exchange (NSE).
The company’s shares was trading at N1.10 and has a 4,296,330,500 outstanding ordinary shares listed on the bourse.
The company had explained that the voluntary delisting of its entire 4,296,330,500 ordinary shares is in pursuant to the scheme of arrangement for the acquisition of Law Union and Rock Insurance Plc by Kanuri LUR Limited.
The management of NSE in a statement stated that, “We refer to our market bulletin of 16 October 2020 with reference Number: NSE/RD/LRD/MB56/20/10/16 wherein the Market was notified of the full suspension placed on the shares of Law Union and Rock Insurance Plc (Law Union or the Company) to prevent trading in the shares of the Company beyond the Effective Date of the Scheme of Arrangement by which Kanuri LUR Limited will acquire all the entire issued shares of Law Union.
“Following the conclusion of the above referenced Scheme of Arrangement, and sequel to the approval of the Company’s application to delist its entire issued share capital from The Exchange, please be informed that the entire 4,296,330,500 outstanding ordinary shares of Law Union and Rock Insurance Plc were on Thursday, 5 November 2020, delisted from the Daily Official List of The Exchange”
Law Union & Rock Insurance had projected a profit of N379.75million for 2020 financial year..
In a note to the NSE signed by Ebenezer Ijanusi, Head Financial Reporting and Budget and Ayo Osunbunmi, Chief Financial Officer, gross premium is projected to be N1.32 billion while cash balance at the end of the year will rise by 11.87per cent to N4.9billion.
Shareholders of Law Union and Rock Insurance had accepted an offer of N1.23 per share for every 50 kobo ordinary share held from the new owner of the company, Verod Capital Management.
The Federal High Court if Nigeria in the Lagos Judicial Division under the Honourable Justice R. M. Aikawa recently directed that a meeting of the holders of the fully paid ordinary shares of Law Union & Rock Insurance be convened to approve the acquisition of 100 per cent issued capital of the company by Kanuri LUR (law union).
