SEC grants Sovereign Trust Insurance extension on right issue

Chuks Udo Okonta

The Securities and Exchange Commission (SEC) has extended the period granted to Sovereign Trust Insurance Plc to raise more funds through rights issue. 

The Rights Issue offer which opened on Wednesday, February 14, 2015, ought to have closed on February 20, 2015, but has now been extended to March 13, 2015.

According to the official statement made available to the Press by the Spokesperson for the organization, Segun Bankole, the extension of the Rights Issue was necessitated to allow Shareholders ample time to subscribe fully to the offer. He said such unique opportunity does not come that 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 enjoins all Shareholders of the company to take advantage of this extension in date to fully exercise their rights as that will definitely guarantee the consolidation of their ownership in one of Nigeria’s very dynamic and forward-looking underwriting firm. The company, more than ever before, is poised to take the insurance business to a greater height as it gravitates to the next phase of its growth agenda.

A total of 2,290,585,798, (Two Billion Two Hundred and Ninety Million, Five Hundred and Eighty-Five Thousand, Seven Hundred and Ninety-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 three (3) ordinary shares of 50 kobo held in the companyas at the close of register during the last Annual General Meeting.

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 info@meristemregistrars.com or seek advice and consultation from their respective stockbrokers and other professional advisers as the case may be.

The Managing Director of the Underwriting Firm, Wale Onaolapo has 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.

He also called on the company’s Shareholders to lend theirsupport to the Rights Issue with the new date extension. He said the actualization of the set objectives of the growth agenda of the company remains sacrosanct. He equally noted 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;