From left: Independent Director, Royal Exchange Plc, Mr. Hewett Benson and Director, Royal Exchange Plc, Mr. Adeyinka A.Ojora, at the EGM held recently in Lagos.
BY NKECHI NAECHE-ESEZOBOR— Royal Exchange PLC , has announced resolutions passed at the Extra Ordinary General Meeting of the company, held last week in Lagos.
According to statement released to the Nigerian Exchange Group, the insurer said that the following resolutions were passed as ordinary resolutions of the Company:
a) Its was resolved that subject to obtaining approval of the relevant regulatory authorities, the directors of the company be are hereby authorized to raise equity capital of
N2,058,148,030 (Two Billion, Fifty-Eight million, One Hundred and Forty-Eight thousand thirty naira only) by way of issuing to existing shareholders 4,116.290,050 ordinary shares of 50kobo each on the basis of four (4) new ordinary shares for every five (5) ordinary shares held in the Company (Rights issue) on such other terms and conditions as the Directors may deem fit to determine.
b) It was resolved that shareholders hereby authorized the directors to fix an amount to which the Rights Issue will be offered to shareholders.
c) It was resolved that in the event of an under-subscription of any Rue undertaken by the Company, the Shareholders hereby wave their pre-emptive rights to any unsubscribed shares under the Rights Issue and the Directors are hereby authorized to issue such shared to interested investors as far as practicable, on the same terms as the Rights issue.
d) it was resolved that pursuant to Section 124 of the Companies and Allied Matters Act 2020 (CAMA), and Regulations 13 of the Companies Regulation 2021, as it relates to share capital, that the remaining unissued shares after the Rights Issue or private placement be and are hereby cancelled.
e) It was resolved that the Directors of the Company be and are hereby authorized to do all acts and things and to approve, sign and/or execute all documents, appoint such professional parties and advisers, perform all such other acts and do all such other things as may be necessary to give effect to the above resolutions, including without limitation, complying with the directives of any regulatory authority.”
f) It was resolved that the Directors be and are hereby authorized to enter and execute any agreements deeds, notices or any other documents and to perform all acts and to do all such things necessary for or incidental to giving effect to the resolution 1(a-e) above including without limitation, appointing authorities such professional bodies, consultant and advisers to comply with the directive of the regulatory authorities.
