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By Chukwuma Umeorah
Nigerian Exchange Group Plc has announced its plans of raising additional capital of up to N10 billion through a Rights Issue.
This was disclosed in the notice for its upcoming 63rd Annual General Meeting (AGM) scheduled for April 29, 2024.
Listed as part of the special business to be considered at the AGM, the Rights Issue, subject to obtaining regulatory approvals, would involve the issuance of ordinary shares at terms and conditions determined by the company’s Board of Directors.
It added, “That the Company be and is hereby authorised to increase its share capital from N1,102,309,954 to N1,347,309,954 (or to otherwise increase its share capital to an amount sufficient to accommodate the Rights Issue.).
“That in the event of an under-subscription of shares at the Rights Issue, the shareholders hereby authorise the Directors to offer/issue any unsubscribed shares at a price not less than that specified in the Rights Issue Circular, in such manner as is beneficial to the Company.
“That the Company be and is hereby authorised to offer/issue additional shares in the case of an oversubscription of shares. The Directors be and are hereby authorized to enter into any agreements and or execute any other documents necessary for and/ or incidental to effecting the resolutions above.”
The shareholders would also have to consider and vote on the amendment of Clause 6 of the Company’s Memorandum of Association be amended to reflect the new share capital of N1,347,309,954 by the addition of 490,000,000 ordinary shares of N0.50 each bringing the company’s total share capital to N1,347,309,954 made up of 2,694,619,907 issued ordinary shares of N0.50 each.
In addition to the capital raise, the AGM agenda includes crucial items such as the approval of the company’s Audited Financial Statements for the year ended December 31, 2023, declaration of a final dividend, and ratification of key appointments.
