Sovereign Trust Insurance Commended for Successful Offer

Sovereign Trust Insurance Plc has received commendations for the successful completion of its Rights issue and the subsequent approval by the Securities and Exchange Commission, SEC, on the Basis of Allotment of the Rights Issue.

The Management of KDB Daewoo Securities (Europe) Limited, one of the foremost global investment companies in its congratulatory letter to the underwriting firm, admired the courage and tenacity of Sovereign Trust Insurance in pushing through the Rights Issue exercise at a critical time.

Managing Director of the company Mr. Tae Joong Lim, said the underwriting firm successfully completed the exercise despite the political and economic apprehension that characterised the Nigerian environment during the period.

Part of his congratulatory letter to the underwriting firm reads,

“The successful completion of your organisation’s Rights Issue is a clear testament of your Management’s foresight and forward-looking posture in taking your business to the next level of growth”.

Sovereign Trust Insurance had put on offer to its existing shareholders, a total of 2,290,585,798, (two billion, two hundred and ninety million, five hundred and eighty-five thousand, seven hundred and ninety-eight units of ordinary shares at 50 kobo each on the basis of one new ordinary share for every three ordinary shares of 50 kobo held in the company as at the close of register during the last annual general meeting of the company.

Managing Director of Sovereign Trust Insurance Mr. Wale Onaolapo, while acknowledging the congratulatory message thanked the KDB Daewoo Securities (Europe) Limited for the unflinching belief and confidence reposed on the his company since the relationship was established some years back. He said the Rights Issue exercise was very imperative in advancing the growth agenda of the company amongst other capital raising initiatives adding that the company has stood out in the eyes of investors hence, management decision to go ahead with the exercise despite the precarious situation pervading the country as at that moment. He also seized the opportunity to thank all the shareholders who participated in the exercise and assured them of the company’s resolve to grow their investment equitably as the organisation progresses.

Onaolapo also said the growth agenda of Sovereign Trust Insurance remains sacrosanct to management and enjoined all shareholders to always lend their support whenever the need arises. According to the Sovereign Trust Insurance boss, the Rights Issue exercise was more than 60 percent successful.