THE Securities and Exchange Commission (SEC) earlier in the week has granted Norrenberger Advisory Partners Limited (NAPL) full permission to acquire International Energy Insurance (IEI).
Following a previous announcement of the proposed acquisition of International Energy Insurance Company Plc by Norrenberger Advisory Partners Limited (NAPL), the Securities and Exchange Commission has granted its No Objection to the Acquisition.
Disclosing this yesterday in a release signed by the company secretary who also is the legal adviser H Micheal and Co, NAPL will, therefore, immediately commence the process of the block acquisition in accordance with the Shares Purchase Agreement with the selling shareholders.
Upon conclusion of the process, NAPL becomes the majority shareholder in IEI Plc. To this end, it shall be making consultations with all its Stakeholders as appropriate.
It would be recalled in December last year, IEI said in an effort to meet the capitalization requirement as directed by the National Insurance Commission (“NAICOM”) the Company has sought and obtained the No Objection approval of NAICOM for the acquisition of 100 percent equity of the Company by Norrenberger Advisory Partners Llmited (The Acquirer)
Recall that, pursuant to Rule 17.17: Closed Period, Rulebook of NGX (Issuers’ Rules) (As amended), the Company had previously announced the commencement of a Closed period for the trading of the Company’s Shares from 31 May, 2021 during which, no Director, persons discharging managerial responsibilities and Advisers of the Company and their connected persons shall deal in the securities of the Company.
The Closed period remained in force until 24 hours after all the details of the transaction were released to the Public.
As a first step, the Acquirer has commenced the process of obtaining the approvals of the Federal Competition and Consumer Protection Commission (FCCPC) and the Securities and Exchange Commission (SEC) for the acquisition of 50.62 percent from the key shareholders, following the execution of Share Purchase Agreement between the Acquirer and the Company’s key shareholders.
According to the second quarter forecast of the company, it recorded a loss after tax of N80.806 million.
