NEM Insurance Shocks Shareholders By Announcing N1 Billion Private Placement At - Nairaland / General - Nairaland
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| NEM Insurance Shocks Shareholders By Announcing N1 Billion Private Placement At by nairametrics: 2:03pm On Jun 25, 2018 |
Last week, NEM Insurance Plc obtained approval from its shareholders to raise N2.64 billion in a Private Placement. This will see the company issue about 1,056,000,000 ordinary shares of 50 kobo each, at N2.50. The company did not state who will be buying the shares, neither did it state what it wants to use the money for. The AGM was held at the Premier Hotel in Ibadan on the 20th of June, 2018. As at the time of publishing this article, details of the AGM were yet to be published on the website of the Nigerian Stock Exchange (NSE). NEM Insurance Plc currently has about 5.2b shares outstanding; thus, by our estimates, an additional 1.056 billion units on sale will dilute existing shareholders by about 14.2%. To ensure that the private placement complies with the memorandum and articles of association of the company, the shareholders waived their pre-emptive rights under Article 43 of the company’s Articles. This has wide implications, as it means that shareholders who may have wanted to participate in the private placement will not be able to do so, as they have waived their rights. NEM majority shareholders According to the 2017 annual report of the company, shareholders with 5% and above of the company’s issued and fully paid shares as at 31st December, 2017 were as follows: READ MORE: https://nairametrics.com/nem-insurance-shocks-shareholders-at-agm/ Cc:@lalasticlala |
| Re: NEM Insurance Shocks Shareholders By Announcing N1 Billion Private Placement At by Nobody: 2:08pm On Jun 25, 2018 |
Tinubu is buying stock. Investors shouldn't be scared. He don't have money to buy at market Price. The should be concern anyway, because huge contract might be under way for NEM that why he's stocking shares. |
| Re: NEM Insurance Shocks Shareholders By Announcing N1 Billion Private Placement At by enable: 1:47pm On Jul 05, 2018 |
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| Re: NEM Insurance Shocks Shareholders By Announcing N1 Billion Private Placement At by enable: 3:56pm On Jul 07, 2018 |
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