By Dipo Olowookere
As part of its strategy to meet the new capital base requirement of the National Insurance Commission (NAICOM), Cornerstone Insurance Plc is planning to issue bonus shares.
At a meeting of the board of the company, it was agreed that shareholders should be issued new shares on the basis of 7 fresh shares for 30 held by them.
However, this is a proposal and it would need the approval of the company’s investors at the Annual General Meeting (AGM).
At the board gathering, which took place on Wednesday, July 22, 2020, members of the board also approved the unaudited financial statements of the firm for the second quarter ended June 30, 2020.
On the bonus shares, the board proposed to “transfer N1.7 billion from the company’s share premium account to the share capital account by issuing bonus shares in the proportion of seven new shares of 50 kobo each for every 30 existing shares of 50 kobo each, to achieve the company’s recapitalisation plan.”
It was stated that “the issuance of [the] bonus shares to shareholders of the company subject to the approval of the shareholders at the Annual General Meeting (AGM) of the company.”
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