Financial services company Sovereign is anticipating its share issue will be completed by the end of March.
The company is now looking to North American institutional investors for capital, following the failure of its $50 million institutional offering in New Zealand last year.
That was canned as the company became interested in bidding for Norwich Union's New Zealand life and funds management operations. Also, New Zealand investors thought it was either too expensive or that the operation was too difficult to assess.
Despite being interested in Norwich, Sovereign was not invited to do due diligence.
It is understood Royal SunAlliance and Guardian Assurance are the front runners in the acquisition process. Good Returns understands due diligence will be completed by February 10.
Sovereign expects to complete its overseas equity raising in the next few weeks, then it will be in a position to go down the listing route.
Financial services company Sovereign is anticipating its share issue will be completed by the end of March.