FBN Insurance offers reasons why Oasis was delisted
FBN Insurance Limited, a subsidiary of FBN Holdings Plc, concluded the takeover of Oasis Insurance Plc having acquired 71.2 per cent equity interest through a block divestment in February 2014.
In accordance with Rules of the Securities & Exchange Commission, FBN Insurance Limited made a mandatory takeover bid for the remaining 28.8 per cent equity interest in Oasis Insurance Plc.
By the close of the takeover bid on 31 July 2014, FBN Insurance Limited received a total of 1,289,493,953 ordinary shares bringing its shareholding in Oasis Insurance Plc to approximately 91.1 per cent. FBN Insurance Limited elected to exercise its rights under Section 146(2) of the Investments and Securities Act to compulsorily acquire shares belonging to the minority shareholders having crossed the 90% threshold. At the end of the 20-day statutory notice period FBN Insurance Limited increased its holdings by an additional 22,603,617 shares bringing its holdings in Oasis Insurance Plc to approximately 91.4%.
FBN Insurance Limited thereafter transferred the sum of N310,649,730 to FBN Registrars (as consideration for the outstanding 560,808,895 shares or 8.6 per cent) to keep in trust for shareholders who are yet to tender their share certificates. By this action, FBN Insurance Limited hold 100 per cent equity interest in Oasis Insurance Plc.
At the close of trading on December 31, 2014 and in furtherance to the application from Oasis Insurance Plc for voluntary delisting, The Nigerian Stock Exchange delisted the company and its entire ordinary shares from the Daily Official List.
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