WAPIC Insurance Plc (“WAPIC”) proposes to raise NGN5.93bn capital through a Rights Issue of 15.61bn ordinary shares on the basis of 7 new shares for every 6 existing ordinary shares held as at the close of trades on Thursday, September 19th, 2019. The offer is at a price of NGN0.38 per share which has an upside potential of 18.42% to our 2019 target price (NGN0.45). The proceeds from the Rights Issue is aimed at buffering the capital base of WAPIC Life – the life business segment of the firm and the WAPIC Ghana subsidiary. We consider the Rights Issue price reasonable and as such, we advise investors to take up their rights. Kindly find attached the full report.
Right Issue- WAPIC- 02 December 2019.
WAPIC Insurance Plc (“WAPIC”) proposes to raise NGN5.93bn capital through a Rights Issue of 15.61bn ordinary shares on the basis of 7 new shares for every 6 existing ordinary shares held as at the close of trades on Thursday, September 19th, 2019. The offer is at a price of NGN0.38 per share which has an upside potential of 18.42% to our 2019 target price (NGN0.45). The proceeds from the Rights Issue is aimed at buffering the capital base of WAPIC Life – the life business segment of the firm and the WAPIC Ghana subsidiary. We consider the Rights Issue price reasonable and as such, we advise investors to take up their rights. Kindly find attached the full report.