Lasaco Assurance allots N11bn shares from private placement

LIFE and general insurance, Lasaco Assurance Plc, has announced the allotment of 9,250,000,000 ordinary shares of 50k each at N1.20 per share from a private placement.

According to the company, the private placement opened on Monday, 23 September, 2024, as approved by the Securities and Exchange Commission, and closed on Friday, 4th October, 2024, after 10 working days.

At the close of the private placement, a total of 11 applications for 9,250,000,000 ordinary shares of 50k each at N1.20 each, valued at N11.10bn, were received.

It was reported that all applications received were in compliance with the terms and conditions of the placement and were accepted; thus, the offer was 100 per cent subscribed.

A breakdown of the Basis of Allotment showed that “two applications were received for 13,000,000 ordinary shares of 50k each at 1.20 per share, valued at N15,600,000. The units were allotted in full.
“Two applications were received for 85,000,000 ordinary shares of 50k each at N1.20 per share, valued at N102,000,000. The units were allotted in full. Two applications were received for 155,583,000 ordinary shares of 50k each at N1.20 per share, valued at N186,699,600. One application was received for 267,002,000 ordinary shares of 50k each at N1.20 per share, valued at N320,402,400. Applications were received for 1,646,083,000 ordinary shares of 50k each, valued at N1.20 per share, for a total of N1,975,299,600. One application was received for 2,500,000,000 ordinary shares of 50k each at N1.20 per share, valued at N3bn, and one application was received for 4,583,332,000 ordinary shares of 50k each at N1.20 per share, valued at N5.49bn.”

The 9,250,000,000 ordinary shares by LASACO Assurance Plc have been registered by the Securites and Exchange Commission (SEC).