Prestige Assurance Gives Shareholders Bonus Shares After SEC Approval

By Dipo Olowookere

The board of Prestige Assurance Plc has commenced the process of issuing bonus shares to its shareholders after getting the approval of the Securities and Exchange Commission (SEC) to register the new shares.

In a notice to the Nigerian Stock Exchange (NSE), the insurer stated that the SEC approval was granted on Friday, November 9, 2018.

According to the firm, qualification date is November 27, 2018, while the closure of register is from November 28 to December 5, 2018.

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Recall that during the Annual General Meeting (AGM) of Prestige Assurance Plc held on June 11, 2018, shareholders gave the board the authority to issue bonus shares.

“The directors be and are hereby authorised to issue bonus shares from its premium account in the sum N782.6 million being 41 new shares for every 100 share held thereby increasing the issued share capital of the company from 1.9 billion to 2.7 billion by issuing 1.6 billion ordinary shares of 50 kobo each to shareholders who are on the Register of Members at a date to be determined,” the resolution, which was passed at the AGM, read.

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According to the statement issued yesterday, the board of the insurance company stated that after the shareholders’ approval, “Prestige Assurance Plc approached SEC to register the bonus share and approval was subsequently granted on November 9, 2018.”