Continental Reinsurance Plc notifies The Nigerian Stock Exchange (NSE) and Investing community on directive of the Court that ok the approval, the proposal by African Investments Limited to acquire all the outstanding and issued shares of CRe Nigeria for cash or shares.
This update was released on Friday 8th March, 2019 through corporate disclosure of NSE and signed by the company secretary as follows:
UPDATE ON CONTINENTAL REINSURANCE PLC SCHEME OF ARRANGEMENT
Continental Reinsurance Plc (“CRe Nigeria” or “the Company”) hereby notifies The Nigerian Stock Exchange (The Exchange) and its esteemed shareholders that sequel to the Court-Order Meeting of December 20, 2018 which approved the proposal by CRe African Investments Limited to acquire all the outstanding and issued shares of CRe Nigeria for cash or shares (“the Scheme”), an application was submitted to the Securities & Exchange Commission (“SEC”) for the Final Approval of the Scheme.
The SEC is still reviewing the transaction file and is engaging with the Company in that process. The Company expects to receive the Final Approval in the coming weeks and will thereafter apply to the Federal High Court for the approval of the Scheme.
We will continue to update The Nigerian Stock Exchange and the investing public with further developments on the Transaction.
Patrcia N.u. (Ms.)
Company Secretary
FRC/2014/NBA/00000007697