Following the 100 per cent acquisition of Law Union and Rock Insurance by Kanuri LUR Limited, under a scheme of arrangement that included voluntary delisting of the insurance company, the Nigerian Stock Exchange (NSE) has announced the delisting of the entire issued share capital of Law Union and Rock Insurance.
The action ended the insurance company’s three decades of public quotation on the main board of the stock market.
Incorporated in June 1969, Law Union and Rock Insurance was listed on the NSE in July 1990.
The NSE had earlier placed Law Union and Rock Insurance under full suspension to prevent trading in the shares of the company beyond the effective date of the scheme of arrangement for the acquisition.
The Exchange stated that the delisting followed the conclusion of the scheme of arrangement, and previous approval of the company’s application to delist its entire issued share capital from the NSE.
Under the order, the entire 4.296 billion ordinary shares of 50 kobo each outstanding in the name of Law Union and Rock Insurance were delisted from the Daily Official List of the Exchange on Thursday, November 06, 2020.
The board of Law Union had earlier confirmed that it received a binding offer from Verod Capital seeking to acquire the entire 4.296 billion ordinary shares of 50 kobo each of Law Union at N1.23 per share. The offer thus valued Law Union at N5.28 billion.
The offer price of N1.23 per share represented a premium of 208 per cent on the 60-day volume weighted average share price and 140 per cent on Law Union’s closing share price on February 26, 2020.
Verod Capital focuses on investing equity and equity-linked capital in growth companies across various consumer-driven sectors in Nigeria, especially the insurance sector.