NKECHI NAECHE-ESEZOBOR-Ahead of the insurance industry Recapitalisation, shareholders of Mutual Benefits Assurance Plc, on Thursday gave nod to the directors to raise N4.8billion through private placement.
The shareholders gave the approval at the Extraordinary General Meeting (EGM) held tin Lagos, also at the meeting approved increase in the company’s share capital from N10billion to N10.50billion.
The also resolved that pursuant to Article 35 of the Articles of Association, the authorised share capital of the company be and is hereby increased from N10 billion to N10.050billion by the creation of 100 million additional ordinary shares of 50 kobo each ranking parri-passu in all respect with the existing ordinary shares of the company.
They also authorised the board to raise additional capital via the issue of debt or equity or a combination of both including redeemable convertible bonds, loan stock, bonds with options, whether by way of private placement or otherwise or by way of an offer for subscription, upon such terms and conditions to be determined at the discretion of the Directors and subject to any requisite regulatory approvals.
Also, the Memorandum and articles of Association would be amended as follows:
“Clause 6 of the Memorandum and Clause 5 of the Articles of Association be altered by deleting the words “the Share Capital of the company is N10billion divided into 20 billion ordinary shares of 50 kobo each and substituting with “the Share Capital of the Company is N10.050 billion divided into 20.100 billion ordinary sharesof 50 kobo
each.”
