Prestige Assurance Plc has extended its offer period for its Rights Issue of 13,635,796,006 ordinary shares of 50 kobo each at 50 kobo per share on the basis of 38 New Ordinary Shares for 15 ordinary shares held.
In a notice to the Nigerian Stock Exchange (NSE), it informed dealing members that the offer which was initially scheduled to close last Thursday, September 17 2020, will now close on Wednesday, September 30 2020.
“Dealing Members are hereby informed of the extension of the offer period of Prestige Assurance Plc Rights Issue of 13,635,796,006 ordinary shares of N0.50 each at N0.50 per share on the basis of 38 new ordinary shares for every 15 ordinary shares held as at the close of business on January 31 2020.
The NSE has received a confirmation from the Securities and Exchange Commission (SEC) to extend the offer period by two weeks. With this extension, the offer, which was initially scheduled to close on Thursday, 17 September 2020, will now close on Wednesday, 30 September 2020”, it said.
Shareholders of Prestige Assurance had created additional new 14 billion ordinary shares to create headroom for the new capital raising. It increased its authorised share capital from N3 billion of six billion ordinary shares of 50 kobo each to N10 billion of 20 billion ordinary shares of 50 kobo each through the creation of more 14 billion ordinary shares of 50 kobo each.
They further authorised the Board of Directors of the company to raise capital by way most suitable to the company in line with the recapitalisation requirement of the National Insurance Commission (NAICOM).
