In a recent court-ordered meeting held in Lagos, shareholders of Coronation Insurance Plc successfully negotiated a review of the buyback offer for their holdings, aiming for 78 Kobo per share.
The initial offer of 65 Kobo was reconsidered at the meeting, leading to the approval of the increased buyback offer by the company’s Board of Directors.The final offer of 78 Kobo per share was accepted by the shareholders, marking a crucial step as Coronation Insurance Plc plans to delist from the Nigerian Exchange Limited (NGX).
The company is now expected to approach regulatory bodies including the NGX, Securities and Exchange Commission, National Insurance Commission, and the Court to seek affirmation of this decision and initiate the delisting process, transitioning into a Limited company.
Source: PUNCH