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Sovereign Trust Secures SEC’s Approval to Extend Rights Issue

14 Aug 2019

Following the approval from the Securities and Exchange Commission (SEC), Sovereign Trust Insurance Plc has extended its rights issue closing date.

The offer which opened on Monday, June 24, 2019, and ought to have closed on Wednesday, July 31, 2019, has now been extended to August 16, 2019.

A statement by the company’s spokesperson, , Mr. Segun Bankole, said the extension was to allow shareholders ample time to subscribe fully to the offer. He said such unique opportunity does not come that often which was what informed the decision of the management to request for an extension in the closing date of the offer.

According to him, consequently, the management has enjoined all shareholders of the company to take advantage of the extension.

He added that the company, more than ever before, was poised to take the insurance business to a greater height as it gravitates to the next phase of its growth agenda.

A total of 4,170,411,6488 units of ordinary shares at 50 kobo each have been placed on offer for existing shareholders at 50 kobo per share on the basis of one new ordinary share for every two ordinary shares of 50 kobo held in the company as at the close of register on January 15, 2019.

The company also urged shareholders who may be having challenges to contact Meristem Registrars or their respective stockbrokers.

Speaking on the offer, Managing Director of Sovereign Trust, Mr. Olaotan Soyinka, said the company has set a growth agenda which was aimed at positioning the insurance company as one of the top players in the industry, particularly, in the oil and gas sector where it has developed very unique expertise and professionalism over the years.

He also called on shareholders to lend their support to the rights issue with the new date extension. He said the actualisation of the set objectives of the growth agenda of the company remained sacrosanct.

He also noted that the company was committed to creating exceptional value to all its shareholders.

“In achieving the huge tasks that have been placed before us, we have identified that a very robust capital base is critical to the success of the set agenda; hence the need to call on our shareholders to fully subscribe to the rights Issue,” it stated.

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