Continental Reinsurance Plc, on Monday told The Nigerian Stock Exchange (NSE) of offer to acquire its entire outstanding shares and issued shares from CRe African Investments Limited.
The offer, it said, is part of “a much needed restructuring exercise for CRe Nigeria, with a view to consolidating the CRe Nigeria’s operations and repositioning it for enhanced competitiveness in the global insurance market.”
The company said it has received the Securities & Exchange Commission’s No Objection to the Scheme of Arrangement under Section 539 of the Companies & Allied Matters Act Cap C20 Laws of the Federation of Nigeria 2004.
As consideration, the scheme, subject to the approval of the shareholders at a Court-Ordered Meeting as well as the sanction of the Federal High Court, CRe Investments is offering N2.04 per share for the 10,372,744,314 ordinary shares of 50 kobo each or 1 ordinary shares of US$1 each in the capital of CRe Investments for every 176 ordinary share of 50 kobo each held in CRe Nigeria.
“The proposed Scheme Consideration represents a 46.76% premium to the last traded share price of the Company on October 5, 2018, being the last business day prior to the date the proposal was received from CRe Investments and a 36.00% premium on the trading price as at close of the last business day; November 19, 2018