Crusader Nigeria plc is set to flag off its N13 billion hybrid offers that would enable it put necessary structures in place to assume a complete financial service conglomerate. Its core business was insurance before a recent restructuring that would enable it deliver other services including real estate, pension fund administration, asset management, mortgage financing and possibly investment banking.
The offer billed for end of next month would include a rights issue of one share for every five shares held in the company for existing shareholders; offer for subscription as well as N4 billion Convertible Debenture Stock.
According to the company, any over subscription would be accommodated to the tune of 25 percent.
Tola Mobolurin, group managing director of the company, who disclosed this in Lagos stated that the Crusader has been broadened to accommodate numerous investments coming from other financial services sub sectors outside insurance.
This he noted is necessary to create more value for shareholders and take advantage of emerging opportunities in other financial services areas, that current growth in insurance and economy generally would propel.
According to him, the forth coming offer has been widened to accommodate varieties of investors while also allowing existing shareholders take their rights, because they have grown with the company. - BusinessDay