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Aiico Insurance seals 10,000 certificates ready for dispatch

Category: Investors NewsBeat

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Aiico Insurance seals 10,000 certificates ready for dispatch



Proshare NI

June 03, 2008 at 16:19 GMT


Aiico Insurance Plc, (AIICO) has sealed about 10,000 share certificate and ready for onward dispatch to investors through United Securities Limited; Registrars to the company in its December,2007 Public Offer (PO).


John Atanda, Assistant General Manager (AGM) Human Resource/Corporate Secretariat of the Insurance Company confirmed this to Proshare NI today in Lagos Nigeria at the company’s Head Office.


Atanda conducting Proshare NI round the hall were cartons of the AIICO share certificates were stacked, affirmed that the foremost insurance company has finished putting their seal on about 10,000 share certificates as regards the December, 2007 offer.


“As I am speaking with you, we have put our seal on 10,000 share certificates and later today, it will be sent to our Registrar for onward dispatched to investors” he affirmed.


Proshare NI could confirm this, as there were share certificates of the 2007 offer showing the seal of AIICO neatly stacked in cartons and ready to be sent to United Securities. Proshare NI also saw some other share certificates neatly stacked in cartons and ready for AIICO’s company seal.


However, Atanda could not confirm the number of share certificates to be sealed and sent out to United Securities as regards the offer. But as earlier reported the offer was 215.7 percent subscribed.


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.



Meanwhile when Proshare NI visited the office of United Securities, a source affirmed that the Registrar would commence dispatch of certificates as regards the AIICO offer on June 16, 2008.


This is contrary to the earlier affirmation from a source at the company that United

Securities would commence the dispatch of share certificates to successful allottees and return monies with its accrued interest to investors, May 15, 2008.


Before 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.


Aiico Insurance in order to increase its share capital, offered to members of the investing public 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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