Verod Capital to buy 100% stake in Law Union
Transaction Implementation Agreement has given legal backing to Verod Capital to buy 100 per cent stake in Law Union & Rock Insurance Plc as part of its recapitalisation plan.
Law Union stated that it had informed all necessary regulators on this development.
The Managing Director and Chief Executive Officer, Law Union, Mr Ademayowa Adeduro said, “The crucial phase of our recapitalisation exercise was crossed on February 27, 2020 with the signing of Transaction Implementation Agreement between Verod Capital Management Limited and the majority shareholders of Law Union & Rock Insurance.
“We had subsequently informed the National Insurance Commission, the Securities and Exchange Commission and the Nigerian Stock Exchange about this development.”
He explained that the TIA gave legal backing to Verod Capital to buy 100 per cent stake in LUR, recapitalise the company to a minimum N10bn and also delist its share from the Nigerian Stock Exchange through Scheme of Arrangement.
Verod Capital is an Anglophone investment company with substantial interest in Nigeria and West Africa.
Its current holdings include CSCS, Emzor pharmacy, metropolitan life (now tangerine life Ass), ARM Life, Greenspring College, Ikoyi and other ventures.
He said, “The board, management and shareholders are delighted with this development. Our recapitalisation exercise will be concluded in a couple of months to this time, as we keep to our promise of regular briefing to our esteem clients and brokers.”