Crusader Ins. set to raise N15bn through hybrid offering
Category: Public Offers Private Placements
Plc is set to approach the capital market to raise fresh funds of N15 billion
through a hybrid offering of Rights Issue and Public Offering (PO). Sources at
the Head Office of the company made this disclosure to Proshare
Recently the shares
of the company was placed on technical suspension on the floors of the Nigerian
Stock Exchange (NSE); raising the question of a proposed funds drive by the
News/Investigations gathered that the hybrid offering will open in March, 2008,
I know the hybrid offering will commence in March, but I do not know the actual
dateÃƒÆ’Ã†â€™Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¡Ãƒâ€šÃ‚Â¬ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â the source said.
Insurance would offer ordinary shares of 50 Kobo each at N5.00 per share.
Though as at the time of filling in this report, there were not many details as
regards the offering.
source told Proshare News/Investigations that a committee has been set up and
are working out modalities to make sure the hybrid offering was successful.
documents made available to Proshare News/Investigations shows that Premium
Income of the company increased from N583.2 million in 2002 to N1.099 billion
in 2006 indicating an 88.5 percent increase.
after Tax (PAT) also rose significantly from N39.5 million in 2002 to N315 million
in 2006 representing a 697 percent rise.
Tax (PBT) also grew from N43.6 million in 2002 to N348.3 million in 2007
showing a growth of 698.5 percent.
was not paid to investors in the 2006 financial year. Though without prejudice
to Proshare News/Investigations analyst review of the 2006 financial figures of
Crusader Insurance Plc, no in-depth analysis has been done yet to confirm some
of the figures made available in the 2006 financials of the company which ended
Our source disclosed that the 2007 reports is
being prepared and would soon be ready; before the hybrid offering commences.