Universal Insurance (NGX: UNIVINSURE) has launched its rights issue offering of 2,666,666,667 ordinary shares of 50 Kobo each at N1.20 per share, aiming to raise approximately N3.2 billion for the company.
In a Circular posted on NGX, it announced that the rights issue is being offered based on one (1) new ordinary share for every six (6) ordinary shares held by qualified shareholders as at the close of business on 30 March 2026.
The acceptance list opened on Wednesday, May 13, 2026, and will close on Wednesday, June 10, 2026. Payment is required in full upon acceptance.
Key Terms and Timeline
-Provisional Allotment: Shareholders whose names appear on the Register of Members and transfer books of the company as at 30 March 2026 are entitled to the rights.
-Trading in Rights: The rights are tradable on the floor of the Nigerian Exchange Limited (NGX) from 13 May to 10 June 2026.
-Acceptance and Payment: Completed acceptance forms, together with payment or evidence of payment, must be submitted to the Issuing House or any of the receiving agents no later than 10 June 2026.
– Additional Shares: Shareholders may apply for additional shares beyond their provisional allotment.
Untaken shares will be allocated on a pro-rata basis to those who applied for extras.
Those who have not received theirs by 13 May 2026 are advised to contact the Registrar.
The Central Securities Clearing System (CSCS) accounts of successful applicants will be credited shortly after allotment.
Shareholders are encouraged to provide their stockbroker’s details, Clearing House Number (CHN), and CSCS account numbers on the acceptance form to ensure seamless crediting.
Those without valid details will have shares credited using a Registrar Identification Number and later transferred upon provision of the required information..
This rights issue is a means to raise capital as Universal Insurance seeks to strengthen its balance sheet and pursue growth opportunities in Nigeria’s competitive insurance sector.
Administrator and Writer
