The board of directors of Continental Reinsurance Plc (CRe Nigeria) has announced that it has received an offer from CRe African Investment (CRe Investments), to acquire all the outstanding and issued shares of CRe Nigeria.
In a bid to consolidate CRe Nigeria’s operations and repositioning it for enhanced competitiveness in the global insurance market, CRe Investments is proposing that the transaction be executed through a Scheme of Arrangement in line with Section 539 of the Companies & Allied Matters Act Cap C20 Laws of the Federation of Nigeria 2004 and other applicable rules and regulations.
The scheme will see CRe Investments offering N2.04 per share for the 10,372,744,314 ordinary shares of 50 kobo each or 1 ordinary shares of $1 each in the capital of CRe Investments for every 176 ordinary shares of 50 kobo each held in CRe Nigeria (at an exchange rate of N359.04/USD).
The proposed Scheme Consideration represents a 46.76 percent 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.
CRe Nigeria has received the Securities & Exchange Commission’s No Objection to the Scheme, but the Scheme is subject to the approval of the shareholders at a court-ordered meeting as well as the sanction of the Federal High Court.
The insurers also stated that further details will be communicated to the market upon relevant approvals from shareholders and regulators.
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Frontpage January 2, 2020