Dispatch of certificate/return monies on AIICO offer starts

Dispatch of certificate/return monies on AIICO offer starts


Proshare NI

May 14, 2008 at 17:23 GMT


United Securities Limited, Registrar to the Aiico Insurance Plc (AIICO) December, 2007 Public Offer (PO) would commence the dispatch of share certificates to successful allottees and return monies with its accrued interest to investors, May 15, 2008. A source close to Proshare NI made this affirmation today in Lagos Nigeria at the company’s office.


Prior to this time, investors has been inundating the mail box of Proshare NI with enquires on the Aiico Insurance December, 2007 offer regarding to the issue of dispatch certificate and return monies.


The dispatch of the certificate and return monies would be done through registered post to the affected investors.


Though as at the time of filling in this report, Proshare NI could not confirm from officials of the Registrars the amount of interest accrued to the return monies. 1,140 applications for 3.985 million units of the offer were found to be invalid under the terms of the offer; which were rejected” the source affirmed.


Our source confirmed that a total of 369,105 applications for 5.329 billion ordinary shares of 50 Kobo each valued at N11.863 billion were considered for processing, but 3.223 ordinary shares valued at N7. 090 billion were approved for allotment.  “The offer was about 215.7 percent subscribed” the source said.


Investors who bought the minimum of 5,000 to 10,000 ordinary shares were fully allotted to the tune of 100 percent, while those that applied for 10,001 ordinary shares and above were given partial allotment.


A source at United Securities had earlier confirmed to Proshare NI that they were waiting Securities and Exchange Commission (SEC) who is yet to give its nod to the company to dispatch share certificates and return money to investors.


Before this time, several visits by Proshare NI to the AIICO office to ascertain the true position of the offer was not successful as one Mr. Atanda an official of AIICO  in-charge of the offer was said to have gone  on his annual leave.


In its bid to shore up its capital base as a leader in the insurance sector, Aiico Insurance in December, 2007 approached the market to raise fresh funds by way of offer for subscription of 2.5 billion ordinary shares of 50 Kobo each at N2.20 Kobo per share.


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