……..Introduces Innovative Acceptance/Renunciation Form for Rights Issue
In a significant stride towards enhancing transparency and investor engagement, Sovereign Trust Insurance PLC, registered under RC:31952, is introducing an innovative Acceptance/Renunciation Form for its ongoing Rights Issue. This pioneering approach is designed to streamline the process of subscribing to new shares and facilitate trading activities while promoting compliance and consumer protection.
The Rights Issue involves the issuance of 2,841,116,504 ordinary shares of 50 kobo each at 50 kobo per share, on the basis of 1 new share for every 4 shares held as of the close of business on 11 September 2023 . The introduction of the Acceptance/Renunciation Form marks a pivotal step in aligning the company’s operations with modern practices in the financial industry.
The new Acceptance/Renunciation Form is a multifaceted tool that caters to various scenarios, providing shareholders with clear instructions and options. It ensures that allottees complete only one of the boxes marked A and B on the form’s reverse side. Shareholders accepting the provisional allotment in full are required to complete box A, submitting the form along with a cheque or bank draft to the Receiving Agents listed on Page 38 of the Rights Circular. This step aims to expedite the acceptance process while securing the required funds for subscription.
For payments exceeding N10 million, electronic transactions are encouraged through SWIFT, RTGS, or NEFT into the designated Offer Proceeds Account. This electronic mode of payment ensures secure and efficient transactions while minimizing processing delays.
Shareholders opting for partial acceptance must complete box B and provide evidence of payment transfer along with the Acceptance/Renunciation Form. Additionally, shareholders interested in trading their rights partially or in full on the stock exchange are guided through a comprehensive process that involves obtaining a Transfer Form from their Stockbroker.
A noteworthy aspect of the Acceptance/Renunciation Form is its comprehensive approach to accommodating various types of shareholders, including joint allottees and corporate allottees. The form is tailored to ensure that all details, including bank information and identification numbers, are accurately captured, enhancing transparency and reducing errors.
Through the introduction of this innovative form, Sovereign Trust Insurance PLC demonstrates its commitment to fostering a more streamlined and inclusive participation in the Rights Issue. By simplifying procedures, enhancing compliance, and encouraging transparency, the company aims to attract a broader spectrum of investors and promote responsible financial engagement. This transformative step not only aligns with industry best practices but also underscores the company’s dedication to progressive financial operations.
