At the close of trading on December 31, 2014, and in furtherance to the application from Oasis Insurance plc for voluntary delisting, the Nigerian Stock Exchange (NSE) delisted the company and its entire ordinary shares from the Daily Official List.
FBN Insurance Limited, a subsidiary of FBN Holdings plc, had concluded the takeover of Oasis Insurance having acquired 71.2 percent equity interest through a block divestment in February 2014.
In accordance with Rules of the Securities and Exchange Commission (SEC), FBN Insurance Limited made a mandatory takeover bid for the remaining 28.8 percent equity interest in Oasis Insurance plc.
By the close of the takeover bid on July 31, 2014, FBN Insurance Limited received a total of 1,289,493,953 ordinary shares bringing its shareholding in Oasis Insurance to approximately 91.1 percent.
FBN Insurance Limited elected to exercise its rights under Section 146(2) of the Investments and Securities Act to compulsorily acquire shares belonging to the minority shareholders having crossed the 90 percent threshold.
At the end of the 20-day statutory notice period, FBN Insurance Limited increased its holdings by an additional 22,603,617 shares, bringing its holdings in Oasis Insurance to approximately 91.4 percent.
FBN Insurance Limited thereafter transferred the sum of N310,649,730 to FBN Registrars (as consideration for the outstanding 560,808,895 share or 8.6%) to keep in trust for shareholders who are yet to tender their share certificates. By this action, FBN Insurance Limited hold 100 percent equity interest in Oasis Insurance.