Sovereign Trust Insurance Plc (NGX: SOVRENINS) has notified its shareholders, stakeholders, The Nigerian Exchange Limited and the general public, that it has obtained an approval from the Securities Exchange Commission to conduct the signing ceremony with regards to a proposed Rights Issue of 2,841,116,504 ordinary shares of Fifty Kobo (N0.50) each at Fifty Kobo (N0.50) per share.
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A corporate action posted by the Insurer and seen by Investogist stated that the rights issue will be on the basis of one (1) new ordinary shares for every four (4) ordinary shares held.
Sovereign Trust has put the qualification date for the Rights Issue at 22nd July 2022.
Subject to the approval of the executed offer documents by the SEC, the application list is expected to open on the 6th of July 2023, or any other date approved by the Commission and shall open for a maximum period of 28 days.
The Rights circular will be distributed to shareholders while application forms would also be made available on the website of the Company’s Registrar for ease of access.
Meristem Registrars Limited is the registrar of Sovereign Trust Insurance Plc.
As at 31 December, 2022, Sovereign Trust Insurance has 11.36bn outstanding shares, wit Morning Side Capital Partners Ltd being the biggest shareholder with 21.99% of the outstanding shares.
About the company
Sovereign Trust Insurance Plc was incorporated as a limited liability company on 26 February 1980, but was reorganized and commenced business as a reorganized non-life insurance company on 2 January 1995 with an authorized share capital of ₦30 million and a fully paid up capital of the ₦20 million following the acquisition and recapitalization of the then Grand Union Assurance Limited. The Company was listed on the Nigerian Stock Exchange on 29 November 2006.
Sovereign Trust Insurance Plc is regulated by the National Insurance Commission of Nigeria.
The principal activity of the Company continues to be the provision of all classes of non-life insurance and special risk insurance, settlement of claims and Insurance of Policyholders’ Fund.
The Company’s head office is at 17, Ademola Adetokunbo Street, Victoria Island, Lagos with 17 other branches spread across major cities.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur