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Weak Patronage Forces Prestige Assurance to Extend Offer Period for Rights Issue

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Prestige Assurance Extends Offer Period for Rights Issue

Prestige Assurance has extended the offer period for the rights issue of 13,635,796,006 ordinary shares of 50 Kobo each at 50 Kobo per share on the basis of Thirty-Eight (38) new ordinary shares for Fifteen (15) ordinary
Shares held.

The company disclosed this in a statement signed by Godstime Iwenekhai Head, Listings Regulation, Prestige Assurance Plc and forwarded to the Nigerian Stock Exchange (NSE) on Friday.

The decision to extend the offer period may not be unconnected to the drop in patronage due to the negative impacts of COVID-19 on Nigerians and slow economic growth.

It said “Prestige Assurance Plc – Extension of Offer Period for the Rights Issue of 13,635,796,006 Ordinary Shares of 50 Kobo Each at 50 Kobo Per Share on the Basis of Thirty-Eight (38) New Ordinary Shares for Fifteen (15) Ordinary Shares Held.”

“Further to our Market Bulletin of 10 August 2020 with reference number: NSE/RD/LRD/MB39/20/08/10, Dealing Members are hereby informed of the extension of the offer period of Prestige Assurance Plc’s Rights Issue of 13,635,796,006 ordinary shares of N0.50 each at N0.50 per share on the basis of thirtyeight (38) new ordinary shares for every fifteen (15) ordinary shares held as at the close of business on 31 January 2020 (the Offer).

“The Nigerian Stock Exchange has received a confirmation from the Securities and Exchange Commission to extend the offer period by two (2) 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.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.