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Equity Assurance source strategic investors in ongoing offer

Category: Public Offers Private Placements


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Equity Assurance source strategic investors in ongoing offer

 

PETER OBIORA

Proshare NI

September 25, 2008 at 01: 03 GMT

 

 

Equity Assurance Plc (EA) is currently sourcing for Strategic Investors in its ongoing offer. Ibidolapo Balogun, Group Managing Director/Chief Executive Officer (GMD/CEO) of the company confirmed this to Proshare NI in Lagos Nigeria.

 

“We are looking for various investors that can add value in terms of generating insurance business for us and to support our investment drive” he said.

 

To achieve this, Equity Assurance is seeking for investors that are active in the Oil and Gas sector and the development of infrastructure.

 

Apart from these, Balogun affirmed that Equity Assurance is also seeking investors that major in industrial concerns and generate a lot of insurance business as a result of their operations.

 

He further affirmed that Equity Assurance is also seeking for investors such as Asset Management companies that could help them better utilise the funds that would be raised.

 

“We also want some investors that can help us rollout the plans that we have in terms of the utilisation of the funds that we would raise; such as Asset Management companies due to their knowledge base” Balogun said.

 

In the same vein, Balogun also affirmed that Equity Assurance in its ongoing hybrid offer is emphasising more on capital appreciation compared to dividend payout.

 

However, he confirmed that Equity Assurance would like to pay dividend that would be better than savings rate.

 

“If you save your money, there is still substantial capital appreciation in the company, this is one of the areas that we believe that investors can have substantial returns” Balogun affirmed.

 

He further confirmed to Proshare NI that Equity Assurance is also providing and giving a discount of over 40 percent to the current value of its share.

 

Balogun also confirmed to Proshare NI that the offer expected to end September 30, 2008 would be extended for two weeks to last up till the second week of October.

 

He further confirmed to Proshare NI that in the event of oversubscription, Equity Assurance would make an application to Securities & Exchange Commission (SEC) to absorb the oversubscription.

 

“We don’t intend to return any money; if nothing else, institutional investors would not get as much as they want; if we have a lot of retail in the market” Balogun said.

 

In its bid to raise N7.0 billion, Equity Assurance is offering to investors by way of offer for subscription 1,500,000,000 Ordinary Shares of 50 Kobo each at N3.50 Kobo per share and Rights Issue of 707,000,000 units of 50 Kobo each at N3.00 per share.



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