MON, JUNE 19 2023-theGBJournal |Sovereign Trust Insurance Plc today received the Securities and Exchange Commission’s (SEC) approval for its planned Rights Issue of 2.841 billion ordinary shares of Fifty Kobo each.
The approval gives the insurance and risks management services firm the go-ahead to conduct the signing ceremony with regards to the proposed Rights Issue.
Each share of Fifty Kobo is on the basis of one new ordinary shares for every four ordinary shares held.
Sovereign Trust says the qualification date for the Rights Issue is 22nd July, 2022.
”Subject to the approval of the executed offer documents by the 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,” management said.
The company noted that the Rights Circular will be distributed to shareholders while application forms would also be made available on the website of the company’s registrars for ease of access.
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