The board of Coronation Insurance Plc, on Thursday announced a postponement in its court-ordered meeting originally slated for August 24, 2023, due to what it termed “unforeseen circumstances.”
No new date was however given for the meeting which was to hold at Balmoral Hall, Federal Palace Hotel, Victoria Island, Lagos, as notice by Mary Agha, the company secretary said it is “constrained to postpone the Court-Ordered Meeting convened to consider the Scheme, due to unforeseen circumstances.”
According to the notice posted on the Nigerian Exchange, the meeting has as agenda “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 by an Order of the Federal High Court dated 26 June 2023, made in the above matter, has been indefinitely postponed.
“The proposed Scheme of Arrangement and the Scheme Consideration (as defined in the Scheme Document) in the sum of 65 Kobo per share, which was duly approved by the Securities & Exchange Commission (SEC) and circulated to the members of the Company has not been withdrawn by the majority shareholders of the Company, at whose behest, the Scheme is being proposed.