Verod Capital Management Limited, an Anglophone Investment firm has acquired 100 percent stake in Law Union and Rock Insurance Plc.
The firm will also recapitalise the company to over N10 billion to enable it comply with the ongoing recapitalisation exercise in the insurance industry.
This is coming following the signing on Thursday 27 February 2020, a Transaction Implementation Agreement (TIA) between Verod Capital Management Limited and the majority shareholders of Law Union & Rock Insurance.
Mayowa Adeduro, managing director/CEO Law Union & Rock who confirmed the development to Business Day said the crucial phase of the Company’s recapitalization exercise has been crossed with this agreement.
According to him , the regulatory authorities has been duely informed.
“We had subsequently informed NAICOM, SEC and NSE with this development.”
Mayowa noted that the TIA gives legal backing to Verod Capital to buy 100 percent stake in LUR, recapitalize the company to a minimum N10Billion and also delist its share from NSE through Scheme of Arrangement.
Verod Capital is an Anglophone investment company with substantial interest in Nigeria and West Africa .
It’s current holdings include CSCS, Emzor pharmacy, metropolitan life(now tangerine life Ass), ARM Life, Greenspring College Ikoyi and other ventures.
According to Mayowa, the Board, Management and Shareholders are delighted with this development.
“Our recapitalization 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.”