- Law Union & Rock Insurance to delisted from Nigerian Stock Exchange after acquisition
- Shareholders to sell at N1.23 per share
WorldStage Newsonline– The Federal High Court if Nigeria in the Lagos Judicial Division under the Honourable Justice R. M. Aikawa has directed that a meeting of the holders of the fully paid ordinary shares of Law Union & Rock Insurance Plc be convened to approve the acquisition of 100 per cent issued capital of the company by Kanuri LUR.
The meeting to be held at Shell Hall, Muson Centre, Onikan, Lagos on 10 September 2020 at 12 noon subject to the sanction of the Court shall consider for the transfer of the Scheme Shares, each holder of the Scheme Shares shall receive N1.23 per share (Scheme Consideration); as a result of the Scheme, the legal and beneficial ownership of 100% of the shareholding of the Company be transferred to Kanuri LUR and any other nominee of Kanuri LUR; the Company shall be re-registered as a private limited company; Conditional upon the Scheme of Arrangement becoming effective, that the shares of the Company shall be delisted from the Nigerian Stock Exchange.
According to the directive of the court http://www.nse.com.ng/Financial_NewsDocs/31228_LAW_UNION_AND_ROCK_INS._PLC.-_NOTICES_OF_COURT_ORDER_M.pdf , “the Board of Directors of the Company be and are hereby authorised to take all actions deemed necessary to give effect to the Scheme and to the aforementioned resolutions of the Company .
“The Board of Directors of the Company are hereby authorised to give effect to and to consent to any modification of the Scheme that the Court or the relevant regulatory authorities shall deem fit to impose or approve. “
In a notice to the Nigerian Stock Exchange (NSE) signed by Stanley Chikwendu Company Secretary said, “the meeting would be streamed live online to enable shareholders and other stakeholders who will not be attending physically to follow proceedings.
“The link for the live streaming would be made available on the Company’s website at www.lawunioninsurance.com. The Scheme will be subject to the subsequent sanction of the Court.
“Closure of Register of Members The register of members will be closed from 25th August 2020 to 31 st August 2020 (both dates inclusive) for the purpose of determining entitlement to attend and vote at the Court-Ordered meeting.”
Law Union & Rock Insurance PLC, one of the first generation insurance companies to open office in Nigeria six decades ago.
The company’s share is currently stagnant at N1 at the NSE.
