The Nigerian Exchange Limited (NGX) has admitted Sovereign Trust Insurance Plc’s additional 2.864 billion ordinary shares of 50 Kobo each per share on its Daily Official List.
According to the Exchange’s Weekly Report seen by Nairametrics, the additional shares arose from Sovereign Trust’s Rights Issue.
The NGX noted that with the listing of the additional shares, the total issued and fully paid-up shares of Sovereign Trust have now increased from 11.364 billion to 14.228 billion ordinary shares.
The statement reads:
- “Trading Licence Holders are hereby notified that an additional 2,863,673,469 ordinary shares of 50 Kobo each per share of Sovereign Trust Insurance Plc were on Thursday, 18 January 2024, listed on the Daily Official List of Nigerian Exchange Limited (NGX).
- The additional shares listed on NGX arose from the Sovereign Trust’s Rights Issue of 2,863,673,469 ordinary shares of 50 Kobo each at 50 Kobo per share.
- With this listing of the additional 2,863,673,469 ordinary shares, the total issued and fully paid-up shares of Sovereign Trust have now increased from 11,364,466,014 to 14,228,139,483 ordinary shares of 50 kobo each”.
What you should know
Nairametrics reported that Sovereign Trust Insurance Plc secured approval from the Securities and Exchange Commission for the company’s proposed right issue of 2.841 billion ordinary shares.
This was contained in the company’s notice to the Nigerian Exchange Limited (NGX) and seen by Nairametrics.
The company said it has obtained approval from the SEC to conduct the signing ceremony concerning the proposed right issue of N2.841 billion ordinary shares of 50 kobos each at 50 kobos per share, based on one ordinary share for every four ordinary shares held.
According to the company, the qualification date for the Rights Issue is 22nd July 2022.
Subject to the approval of the executed offer documents by 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.
Rights circulars will be distributed to shareholders while application forms will also be made available on the website of the company’s registrars for ease of access.
Shareholders are advised to contact their stockbrokers and other financial advisers for more details of the offer.
