Except the Securities and Exchange Commission (SEC) decides otherwise, the 2,841,116,504 rights issue approved for Sovereign Trust Insurance Plc will open on 6th July.
Equity Union Ltd, the company secretary announced on Monday that the Rights Issue will open for 28 days.
In a notification to the Nigerian Exchange Limited, the company noted that it has secured the Commission’s approval to proceed with the process.
“The company has obtained approval from the SEC to conduct the signing ceremony with regards to the process of Rights issue of 2,841,116,504 ordinary shares of 50kobo each at 50 kobo per share based on one new ordinary shares for every four ordinary shares held”.
The qualification date is 22 July 2023, according to Equity Union.
It states further that the rights circular will be distributed to shareholders while it urged the shareholders to get the application forms from the website of Sovereign Trust Insurance as well as contact their financial advisers for more details.
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