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  #1 (permalink)  
Old 23rd January 2008, 11:24 AM
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Default Crusader Nigeria Plc

Hi Guys,

Crusader Insurance have given hints of coming to the market in the first quarter of this year to raise =N=10b.
I will advise you guys to take position now before it goes on technical suspension cos you all know it might be another case of oversubcription and returned monies.
you can get more details on page 18 of today's edition of businessDay
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Old 23rd January 2008, 11:36 AM
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Thanks Apache for the info.
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Old 31st January 2008, 06:04 PM
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Quote:
Originally Posted by Apache View Post
Hi Guys,

Crusader Insurance have given hints of coming to the market in the first quarter of this year to raise =N=10b.
I will advise you guys to take position now before it goes on technical suspension cos you all know it might be another case of oversubcription and returned monies.
you can get more details on page 18 of today's edition of businessDay
The public offer is definitely going to be oversubscribed, not with all the sudden hype about the insurance sector and foreign interests that are ballooning. I am going to buy some more than I have already. Another plus to buying from the floor is the possibility of getting rights issues, which one should latch on, since they intend to float rights issue along with the offer.
Thanks man.
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Old 31st January 2008, 07:19 PM
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Quote:
Originally Posted by knightofdelta View Post
The public offer is definitely going to be oversubscribed, not with all the sudden hype about the insurance sector and foreign interests that are ballooning. I am going to buy some more than I have already. Another plus to buying from the floor is the possibility of getting rights issues, which one should latch on, since they intend to float rights issue along with the offer.
Thanks man.
Hmmm!! I didn't know it was going to be a hybrid issue. I htink i will also buy some more so that i can average down with the rights issue price.
Good news
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Old 31st January 2008, 08:47 PM
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Quote:
Originally Posted by knightofdelta View Post
The public offer is definitely going to be oversubscribed, not with all the sudden hype about the insurance sector and foreign interests that are ballooning. I am going to buy some more than I have already. Another plus to buying from the floor is the possibility of getting rights issues, which one should latch on, since they intend to float rights issue along with the offer.
Thanks man.
It may be nice to know when they coming out and when they will close their book for Right issue. I bought some SKYbank before they went on tech suspension basically to have more rights and eventually was not entitled to the right because they decided that the right will be for sharehoders on or before Dec 08
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Old 14th February 2008, 09:11 AM
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Default Crusader EGM

Hope you guys have taken position bcos cut off date for the rights issue qualification might be around this time.
It's going to be a public offer/ rights issue/ convertible debenture
Attached Files
File Type: zip Crusader Insurance EGM.zip (652.2 KB, 197 views)
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Old 14th February 2008, 10:30 AM
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Quote:
Originally Posted by Apache View Post
Hope you guys have taken position bcos cut off date for the rights issue qualification might be around this time.
It's going to be a public offer/ rights issue/ convertible debenture
Thanks for the info.
Pls can you provide another link or quote the source/newspaper for us to find, 'cos this one is not opening.
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Old 14th February 2008, 11:54 AM
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Quote:
Originally Posted by DRo View Post
Thanks for the info.
Pls can you provide another link or quote the source/newspaper for us to find, 'cos this one is not opening.
My be something with your connection or PC cos I am able to open it
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Old 14th February 2008, 12:45 PM
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Quote:
Originally Posted by DRo View Post
Thanks for the info.
Pls can you provide another link or quote the source/newspaper for us to find, 'cos this one is not opening.
I am able to open it. For theo that are unable to open it, it is just a notice of Extra-ordinary General meeting of Crusader Insurance PLC shareholders, which reads:

NOTICE IS HEREBY GIVEN that an Extra-Ordinary General Meeting of Crusader Insurance (Nig.) PLC will be held at Ethope Hall Federal Palace Hotel 6/8, Ahamad bello Way, Victoria Island, Lagos on thursday, 14th February, 2008 at 11.00a.m to transact the following special businesses.

(1) To consider and if thought fit, pass the following as ordinary resolutions:
"That pursuant to the Articles of Association of the Company and subject to the approval of the regulatory authorities, the Directors be and are hereby authorized to issue a Convertible Debenture up to a maximum amount of N4 billion upon terms and conditions to be determined by the Board".

(2) "That in the event of oversubscription of the Company's proposed Public Offer/Rights Issue of shares and Debenture, the Board shall have the power to accept up to 25% of the excess monies and pursuant thereto, allot additional shares and issue additional Debenture subject to appropriate regulatory approvals".

PROXY

A member entitled to attend and vote at the Extra-Ordinary General Meeting is entitled to appoint a proxy in his stead. A Proxy need not be a member of the Company. A form of proxy is enclosed and for it to be valid for the purpose of this meeting, it must be completed and deposited at the office of the Registrar, City Securities Limited, Primrose Tower, 17A, Tinubu Streeet, P.O. Box 9117, Lagos not later than 48 hours before the time for holding the meeting.

BY ORDER OF THE BOARD

(signed)
E.O. EHIGIATO
Company Secretary

Registered Office
Crusader Insurance (Nig.) PLC
23/25, Martins Street,
Lagos

Bated this 23rd day of January, 2008.
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Old 17th February 2008, 06:13 PM
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I guess the above meeting held. Any info from the communique? Any ideas on how soon the PO is coming out?

Last edited by chymex; 18th February 2008 at 07:07 AM.
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Old 18th February 2008, 10:33 AM
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The Punch: Crusader to acquire new firm
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Old 18th February 2008, 11:19 AM
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The NSE has today placed the shares of Crusader Insurance on Technical suspension, due to the company's impending right's issue.

This statement was made on the floor, and broadcast live on AIT's "The Money Show".
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Old 18th February 2008, 11:51 AM
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Quote:
Originally Posted by lumidii View Post
The NSE has today placed the shares of Crusader Insurance on Technical suspension, due to the company's impending right's issue.

This statement was made on the floor, and broadcast live on AIT's "The Money Show".
Is it only rights issue and no offer for subscription? What is the ratio of rights issue (e.g., whether 1 for existing 2 shares held) and at what price (e.g., whether 4.50 Naira)? Whoever have such information/rumours may please wish to share with us.
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Old 18th February 2008, 12:17 PM
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Quote:
Originally Posted by riskreturn View Post
Is it only rights issue and no offer for subscription? What is the ratio of rights issue (e.g., whether 1 for existing 2 shares held) and at what price (e.g., whether 4.50 Naira)? Whoever have such information/rumours may please wish to share with us.
More details will emerge as the day wears on, i tuned in towards the tail-end of the programme - i didn't get the full gist. The anchorman did mention the right's ratio to be 1:2, but i couldn't make out the right's qualification date.
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Old 18th February 2008, 03:13 PM
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Quote:
Originally Posted by lumidii View Post
More details will emerge as the day wears on, i tuned in towards the tail-end of the programme - i didn't get the full gist. The anchorman did mention the right's ratio to be 1:2, but i couldn't make out the right's qualification date.
According to Proshare e-mail (citing courtesy of ZSL), it is going to be a hybrid offer, comprising debenture issue, offer for subscription and risghts issue, as copied below:

The Nigerian Stock Exchange has today placed Crusader Insurance Plc. on technical suspension following the receipt of their application for Offer of Subcription, Rights Issue and Debenture Stock.
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Old 18th February 2008, 03:28 PM
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Does anybody have the idea how much the share price is going to be? I think it is 7+ right now.
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Old 19th February 2008, 02:41 PM
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Can anybody with some information share with us on the specifics of the Crusader Insurance PLC' hybrid offer - including the offer prices of shares in both the offer for subscription and rights issues as well as rights issues qualification dates and ratio to existing shares. Newspapers today fail to shed any light on these.
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Old 22nd February 2008, 08:11 PM
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Quote:
Originally Posted by riskreturn View Post
Can anybody with some information share with us on the specifics of the Crusader Insurance PLC' hybrid offer - including the offer prices of shares in both the offer for subscription and rights issues as well as rights issues qualification dates and ratio to existing shares. Newspapers today fail to shed any light on these.
It appears some light is now being shed on the specifics about the PO, as indicated in this Proshare link (where it is mentioned that the offer price would be 5 Naira):

Proshare News
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Old 26th February 2008, 01:45 PM
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any info on the pice for the rights issue
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Old 27th February 2008, 08:10 AM
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Judging by the offer price and the current floor-price (N5 and around N.7.5 respectively), we can make a guess that right issue will go for something like N4 (just a guesswork).
No word yet on the right issue price yet sha but am wondering whether that info, being specific to current share holders, will be sent via a 'letter of offer' to existing share holders or laid in the public domain?
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