Law Union & Rock MD confirms Verod Capital offer to acquire firm’s 100% Issued Share Capital
Law Union & Rock insurance Plc boss, Mayowa Adeduro
The Managing Director and Chief Executive Officer of Law Union & Rock Insurance Plc, Mr. Ademayowa Adeduro, has confirmed the offer by Verod Capital Management to acquire 100% Issued Share Capital of the company.
Law Union & Rock boss who made the confirmation in a telephone interview with our correspondent, said the development has been communicated to shareholders and other relevant regulatory agencies.
Below is the letter of notification by the firm to it’s shareholders, the Nigerian Stock Exchange and the general public on the development.
“Law Union & Rock Insurance Plc (“Law Union” or “the Company”) hereby notifies its shareholders, The Nigerian Stock Exchange (The Exchange) and the general public that the Board of Directors (“Board”) of the Company has received a binding offer from Verod Capital Management (“Verod”) to acquire all the issued shares of the Company at an offer price of 81.23 kobo per share (the “Proposed Transaction”).
“Verod is an Anglophone West Africa Private Equity firm focusing on investing equity and equity-linked capital in growth companies across various consumer-driven sectors in Nigeria, including in particular, the insurance industry.
“The offer price of $1.23 kobo per share represents a premium of 208 per cent to the 60-day volume weighted average share price and 140 per cent of the Company’s closing share price on 26 February 2020.
“The Board has fully considered this Offer and will, subject to obtaining all relevant regulatory approvals from the National Insurance Commission (NAICOM), Securities and Exchange Commission (SEC), Federal Competition and Consumer Protection Commission, and The Nigerian Stock Exchange, recommend the Offer to the shareholders of the Company, for their consideration and approval.
“Further details will be communicated to shareholders of the Company in due course.
“Shareholders of Law Union are advised to exercise caution when dealing in the Company’s shares until a further announcement is made.”
