CORNERST Notifies of Board Meeting Resolutions


Thursday, July 23, 2020 / 4:10 PM / NSE / Header Image Credit: Cornerstone Insurance

In line with Rule 19.2 (a) of the Issuers Rules Relating to Board Meetings and General Meetings of Issuers, Cornerstone Insurance PLC ("The Company") wishes to inform its esteemed Shareholders, Stakeholders, The Nigerian Stock Exchange ("The Exchange") and the general public that at the Board Meeting of the Company held on July 22, 2020, the following resolutions were duly considered and approved:

a. The Unaudited Financial Statements (UFS) for the Second Quarter ended June 30, 2020.

b. The transfer of One Billion, Seven Hundred and Eighteen Million (₦1,718,000,000) from the Company's share premium account to the share capital account by issuing bonus shares in the proportion of seven (7) new shares of fifty Kobo each for every thirty (30) existing shares of fifty kobo each, to achieve the Company's recapitalization plan.

c. The issuance of bonus shares to Shareholders of the Company subject to the approval of the Shareholders at the Annual General Meeting of the Company.

The Board approved UFS for the 2020 Second Quarter will be filed with the Nigerian Stock Exchange and the Securities and Exchange Commission on or before 30 July, 2020 and published to the general public.

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Table:  Q1 2020 Unaudited Results

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