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Stock Watch:
Business > Insurance
Cornerstone, Linkage Insurance set to merge
By Ebenezer Ademola
September 8, 2012 14:01:03pm GMT | Views: 4
Nigerian Stock Exchange

WorldStage Newsonline-- The Nigerian Stock Exchange (NSE) said it is considering an application for merger by Cornerstone Insurance Plc And Linkage Insurance Plc.

According to NSE, the merger will thus, result in the transfer of all assets, liabilities and undertakings, including real properties and intellectual property rights of Linkage Insurance Plc to Cornerstone Insurance Plc, and the cancellation of the issued shares of Linkage Insurance Plc.

In consideration of the transfer of all assets, liabilities and undertakings, as well as real property and intellectual property rights of Linkage Insurance Plc to Cornerstone Insurance Plc, the Shareholders of the Scheme Shares of Linkage Insurance Plc so cancelled will be entitled to 30 per cent shareholding (approximately, 74 per cent of the current shareholding in Linkage) of Post-Merger Cornerstone Insurance Plc.

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