Continental Reinsurance Plc (”CRe Nigeria” or ”the Company”) hereby notifies The Nigerian Stock Exchange (The Exchange) that the Company convened and held a Court-Ordered Meeting
(“COM") on December 20, 2018 as directed by the Federal High Court, Lagos for the purpose of the minority shareholders of the Company considering the proposal by CRe African Investments Limited to acquire all the outstanding and issued shares of CRe for cash or shares (“the Scheme”).
Voting at the COM was by way of a Poll. At the conclusion of the Poll Voting, 92.66% of the votes cast were in favour of the Resolution approving the Scheme.
Furthermore, the Scheme Consideration was revised upwards from N2.04 (Two Naira Four Kobo) to N2.10 (Two Naira Ten kobo) per share. The revised Scheme Consideration represents a 51.08% premium on the share price of CRe Nigeria as at the close of trading on October 5, 2018 which is N1.39; being the last business day prior to the date on which the proposal was received from CRe African Investments Limited.
An application has been submitted for the Final Approval of the Securities & Exchange Commission, subsequent to which an application will be submitted to the Federal High Court for the sanction of the Scheme.
The Effective Date of the Scheme is the date on which the Court Sanction is filed at the Corporate Affairs Commission; which, as stated in the Scheme Document, is scheduled to occur on January 4, 2019.
Further updates will be provided to The Nigerian Stock Exchange as events occur.
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