At a court-ordered meeting held on Thursday 10th September, at Shell Zenith Hall, Muson Centre, 8/9 Onikan, Marina, Lagos State, the members of Law Union & Rock Insurance Plc (NSE ticker – LAWUNION) resolved and adopted that, shareholders shall receive N1.23 per share as consideration for the transfer of the Scheme Shares, subject to the sanction of the court, as the company pursues its willful delisting from the Nigerian Stock Exchange.
This was contained in a corporate action statement to the Nigerian Stock Exchange signed by the Company Secretary, Stanley Chikwendu.
At the meeting, it was also resolved that as a result of the Scheme, the legal and beneficial ownership of 100% of the shareholding of the Company, be transferred to Kanuri LUR Limited, and any other nominees of Kanuri LUR Limited.
In addition, upon the effective completion of the Scheme – shares transfer arrangement, the company shall be re-registered as a private limited company and subsequently delisted from the Nigerian Stock Exchange.
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About Law Union and Rock Insurance Plc
The company was incorporated on 17 June 1969 primarily to market non-life insurance policies. In January 1999, it became a composite insurance company when it was registered to market all classes of life and general insurance policies subject to the Insurance Act 2003. The Company’s shares are listed on the Nigerian
Stock Exchange since 9 July 1990.
With effect from 1 January 2007, the Company ceased transacting life insurance business. The net assets of the Life business were sold and transferred to Equity Life Assurance Company Limited (now Crystalife Assurance Company Limited).
At the close of trade on Tuesday, the share price stood at N1.15 per share.