Coronation Insurance Asks Court for More Time to Decide on NGX Delisting

The Board of Coronation Insurance Plc has indefinitely postponed a court-ordered shareholders’ meeting towards the proposed delisting from Nigeria Exchange.

This was disclosed via a statement from the company sent to the Nigerian Exchange.

Here’s an excerpt from the statement signed by Company Secretary, Mary Agha:

• NOTICE IS HEREBY GIVEN that the meeting of the holders of the fully paid up ordinary shares of Coronation Insurance Plc (hereinafter referred to as “the “Company”) initially scheduled for the 24th day of August 2023 at 1:00 pm at Balmoral Hall, Federal Palace Hotel, Victoria Island, Lagos, to consider, and if thought fit, approve, (with or without modification), a Scheme of Arrangement proposed to be entered into between the Company and the holders of its fully paid ordinary shares (the “Scheme”) by an Order of the Federal High Court (hereinafter referred to as the “Court”) dated 26 June 2023, made in the above matter, has been indefinitely postponed.

It also disclosed a payment of 65 Kobo per share to the shareholders, which was approved by the Securities & Exchange Commission (SEC) and shared with the company’s members.

Despite the approval and the shareholder’s agreement, the company has postponed a scheduled meeting to discuss and finalize the scheme “due to unforeseen circumstances”.

Back Story

The Federal High Court holden at Lagos had ordered a shareholders’ meeting for Coronation Insurance Plc as they consider delisting from NGX.

The Court had also appointed the Chairman of the Company’s Board of Directors, Mr Mutiu Sunmonu, to act as Chairman of the said meeting and has directed the Chairman to report the results to the Court.

Delisting from NGX

Recall that ThePressNG reported that Coronation Insurance Plc received an offer from Coronation Capital (Mauritius) Limited to acquire shares of the company at 65kobo per share and subsequently delist from NGX.

The company said the offer price has been set at 65 Kobo per share, representing a 30% premium over the Company’s last traded price of 50 Kobo on August 12, 2021.