Prestige Assurance Reviews Rights Offer Terms, Now Seeks N6.817bn

Prestige Assurance Reviews Rights Offer Terms, Now Seeks N6.817bn

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Post Views: 124 The board of Prestige Assurance Plc, on Tuesday, announced a review of its proposed Rights Issue through its stockbroker, Imperial Ass...

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The board of Prestige Assurance Plc, on Tuesday, announced a review of its proposed Rights Issue through its stockbroker, Imperial Assets Managers Limited to The Nigerian Stock Exchange.
The company is now proposing 13,635,796,006 ordinary shares at 50 kobo per Share valued at N6.817bn on the basis of 38 new Ordinary Shares for every 15 held at the close of business on Friday, 31 January 2020.
The directors had earlier proposed 13,465,377,640 ordinary shares of N0.50 each at N0.50 per share worth N6.732bn, on the basis of five new shares for every two ordinary shares held, proposed in its January 31, 2020 filing on the Nigerian Stock Exchange.
As of December 31, 2018, the company is majority-owned (69.5%) by The New India Assurance Company Limited, Mumbai; while Leadway Assurance Company holds another 11.47% stake.

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