Regency Alliance unveils N3bn rights issue

L-R: Director, Regency Alliance Insurance Plc, Mr Kehinde Oyadiran; Director, Dr Comfort Otegbeye; Managing Director, Mr Bode Oseni; Executive Director Corporate Services & Company Secretary; Mrs Anu Shobo; and Chairman, Chief Wale Taiwo, SAN, at signing of its Rights Issue Agreement in Lagos on Wednesday. Photo:

Regency Alliance Insurance Plc has unveiled a N3 billion rights issue aimed at boosting its capital strength, expanding operations and accelerating its digital transformation efforts. The signing ceremony, held at the company’s headquarters in Lagos, brought together members of the Board of Directors, management, issuing house, legal advisers, stockbrokers and other key stakeholders. The Rights Issue is structured on the basis of one new ordinary share of 50 kobo each for every five ordinary shares held, giving existing shareholders the opportunity to increase their stake in the company while protecting themselves from dilution. This was disclosed in a statement by the Acting Chairman, Chief Wale Taiwo, on Wednesday. Taiwo, during the signing ceremony, held at the company’s headquarters in Lagos, which brought together members of the Board of Directors, management, issuing house, legal advisers, stockbrokers and other key stakeholders, described the occasion as a statement of belief in the company’s people, strategy and the trust of its customers and shareholders. “Today’s signing is more than a formality. It is a statement of belief – belief in our people, our strategy, and the trust our customers and shareholders have placed in us over the years. This capital raise will give us the firepower to meet evolving risks, expand our reach, and deepen the promise we make to every policyholder: that Regency Alliance will be there when it matters most,” he said. Taiwo urged all eligible shareholders to take advantage of the offer, saying, “We are particularly encouraged by the unwavering support of our shareholders who have stood by the Company through its growth journey. Related News JustMarkets to Launch SpaceX Stocks CFDs Trading for Clients Incoming NIA boss outlines reform vision DMO targets N1.2tn via major bond reopenings “We urge all eligible shareholders to take advantage of this Rights Issue and fully exercise their rights. By doing so, they will not only protect their investment from dilution but also participate directly in the exciting growth opportunities that lie ahead for Regency Alliance Insurance Plc.” Also speaking, the Managing Director, Mr. Bode Oseni, said the proceeds would be deployed to accelerate the company’s digital transfor