Business
Regency Alliance Insurance Fixes July 6 For AGM
The board of Regency Alliance Insurance Plc has announced that it’s 26th Annual General Meeting (AGM) will hold on Monday, July 6, 2020.
Ekohotblog understands that shareholders are advised to elect proxies to represent them due to the ongoing COVID-19 pandemic ravaging the world.
During the AGM, shareholders will be discussing the company’s bid to raise capital in order to increase its share capital from N6 billion to N11 billion. According to a statement that was signed by the Company Secretary, Anu Shobo, this will be done through various means, including the issuance of 10 billion additional ordinary shares of N0.50 each.
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They will also authorize the company’s directors to raise additional capital through a special placement, public offer, rights issue, or a combination of all three funding options. These funding bids could be conducted either within the country or outside of the country.
“To authorise the increase of the authorised share capital of the Company from N6,000,000,000.00 to N11,000,000,000.00 by the creation of 10,000,000,000 additional ordinary shares of 50kobo each ranking pari-passu in all respect with the existing shares in the Company’s equity.
“To authorise the Directors to raise additional capital for the Company up to the amount of the authorised share capital by way of special placement, public offer with or without a preferential allotment or rights issue or a combination of any of them within Nigeria or internationally and upon such terms and conditions that the Directors may deem fit in the interest of the Company subject to Regulatory compliance and approval,” the statement said in parts.
In addition, shareholders would be voting to grant power to the company’s directors to be able to allot additional shares, in the event that the company’s proposed public offer or rights issue is oversubscribed by investors, thereby raising excess capital. Such a move would, however, be subject to the necessary regulatory approval, the statement said.
Source: NairaMetrics
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