By Mishack Okpara

Crusader Plc is set to raise N3.2 Billion from the Nigerian Stock Exchange through a combination of public offer and rights issue. Specifically, the company is offering over 787.57m ordinary shares of 50 kobo each by way of Rights to existing shareholders at N1.20 per share on the basis of four ordinary shares for every five held as at July 31, 2006 and over 1.66bn ordinary shares of 50 kobo each at N1.35 per share to the public for subscription. Post-offer, the total number of shares is expected to be over 3.437bn. The public offer and rights issue will run concurrently from September  8^th to 28^th .
 In another development, the Equinox Group has signed a Memorandum of Understanding (MoU), to further collaborate with Crusader Insurance Plc. It  would be recalled that three companies, Admiral Insurance Company, Atlantic Insurance Company and Elmac Assurance Company had earlier signed an MoU in February to form the Equinox Group.
 The combination of Crusader Insurance Plc and the Equinox Group has been declared a formidable one, which blends Crusader’s 50 years of insurance experience particularly in Life Assurance with Equinox’s dynamism and innovativeness. The group is expected to take off with over N10bn in Asset Base, Gross Premium of over N4bn, Shareholders Funds in excess of N5bn and a network of about 30 branches spread across the country.

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