CONSOLIDATED Hallmark Insurance Plc, (CHI) said that its N500 million right issue recorded 100.09 percent subscription.
In a statement, the company noted that the successful subscription of the issue is an affirmation of shareholders’ full support and confidence in the operations of the organisation.
The company, in the first phase of its capital raising exercise offered one new share for every six held by its existing shareholders in the 1,000,000,000 units rights issue which opened on October 16, and closed on November 22, 2017.
The company noted that with the successful rights issue and the resultant increase in its working capital, plans are already afoot to further expand operations and broaden its income streams. “This is evidenced by the recent establishment of a Health Maintenance Organisation subsidiary (Hallmark HMO), and the deployment of a new user-friendly transaction based website in a bid to deepen its retail footprints.
“The basis of allotment of the rights issue subscription, as approved by the Securities and Exchange Commission (SEC) shows that there were no traded rights on the floor of the Nigerian Stock Exchange during the offer period as 100 percent of applications complied with the terms of the offer,” the company stated.
In his reaction to the success of the offer, Managing Director/CEO of the Company, Mr. Eddie Efekoha, who is also the Chairman of the Nigerian Insurers Association, called on members of staff to see the expression of confidence in the activities of the organisation by shareholders as a call for even greater dedication to duties. This, he said, will ensure expectations of clients are continually met through quality service delivery.