Proshare Logo
   Market Date: 31-07-2014   
Agriculture All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

African Alliance opens Private Placement

Category: Public Offers Private Placements


  Read (1069)
African Alliance opens Private Placement

PETER OBIORA

Proshare NI

April 26, 2008 at 07:09 GMT

 

African Alliance Insurance Company Limited, (AA) which has been acquired 100 percent by The Universal Insurance Company Limited (UNISURE) earlier this week, began a Private Placement (PP).

 

Though as at the time of filling in this report, Proshare NI could not get much detail on the Placement.

 

A source at Head Office of the company situated at the old Niger House in Lagos Island, confirmed to Proshare NI that indeed the company was raising fresh funds through a Placement to make it a full life insurance company for UNISURE that just acquired it.

 

Again, without prejudice Proshare NI could not lay hands on the details of the offer by way of the prospectus. “We have not seen the prospectus either, but I can confirm that the placement opened this week” the source said.

 

Prior to this time, a source at UNISURE affirmed that the price for the placement is N2.00 per share and a minimum of 100 million units, the placement will begin anytime in the next few days” the source said.

 

In the same vein, our source at African Alliance confirmed to Proshare NI that some major investors divested their investment to the tune of 70 percent, “this made the remaining investors with only 30 percent to make up their minds and sold off to UNISURE; which gave them a 100 percent acquisition right of African Alliance” the source said.

 

The source further affirmed that UNISURE will now have a life company; which will enable them do a life insurance business.

 

From the Nigerian Insurance Sector Report by Afrinvest West Africa, April, 2008 at the just concluded Insurance Future Summit held in Abuja Nigeria, neither UNISURE  nor African Alliance were mentioned as one of the top 20 insurance companies in Nigeria.

 

Issuing house to the offer is Unex Capital Limited, when Proshare NI visited the company to seek further clarifications on the African Alliance PP, our source at the company confirmed that one million units were minimum at N2.00 per share.

 

“With your N2.0 million we you will fill our form and we allocate one million units to you” the source confirmed.

 

Proshare could not lay hands on the Placement prospectus from Unex Capital the Issuing House to the placement or get further details on it.

 



Tags: , 



Comment With Your Facebook or Yahoo! ID


Latest news


News on Public Offers Private Placements

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Newsletter
Contact Us
Message from CEO
Resources

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
WebTV
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

#1minNews
News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Newsletters
Discussion Forum
Policy

Subscriber Agreement
Privacy Policy
Data Policy
Disclaimer
Copyright Policy
Trademarks
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Training
Legal Support Services
Web/Technology Services
File a Complaint