Tuesday, January 06, 2015 10.50AM / Cordros Capital


This is notifying you of Sovereign Trust Insurance Plc's (STI) proposed Rights Issue. This follows a recent approval granted the Company by its shareholders. Below are a summary of the Offer: 

Shares being issued:       2,290,585,798 Ordinary Shares of 50 kobo each at N0.50 per Share 

Gross issue proceed:        ₦1,145,292,899 (i.e. ₦1.15billion) 

Issue price:                      ₦0.50 per share 

Provisional allotment:     One (1) new ordinary share for every three (3) ordinary shares of 50 Kobo each held as at the close of business on Friday, 30 May, 2014 

Purpose:                           The Rights Issue will provide the Company with the required funds that will enhance STI's growth and profitability 

Use of proceeds:              (1). Fortifying Investment Assets - 50% (2). Repayment of (Daewoo) bond -30% (3). Enhancement of working capital - 20% 

*Proposed opening:        12th January, 2015 

*Subject to SEC (Securities and Exchange Commission) approval

CLICK HERE TO DOWNLOAD STI INVESTOR TEASER