Fakoyejo OlalekanFBN Holdings said the board of directors will propose a N150 billion capital raise through Rights Issue to shareholders of the company on August 15, 2023.
The company intends to sell some of its shares to existing shareholders to raise the capital to fund its operation, however, the fundraising is subject to approval from FBN Holdings investors.
In a statement released on Wednesday, FBN Holdings said shareholders will consider, and if found fit, pass the resolution, “That there shall be a capital raise of up to N150,000,000.000.00 (One Hundred and Fifty Billion Naira).
“The capital raise transaction shall be by way of a Rights issue, on such terms and conditions and on such dates as may be determined by the Directors, subject to obtaining the approvals of the relevant regulatory authorities,” the firm said.
Other resolutions expected to be considered and tabled for shareholders’ vote are;
“That shares not taken by the existing shareholders within the period stipulated under the right issue may be offered for sale to interested shareholders of the company on such terms and conditions as may be determined by directors subject to obtaining the approvals of regulatory authorities,
“That the Directors be authorized to appoint such professional parties and advisers and to 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.
“That Clause 6 of the Memorandum of Association of the Company be amended to reflect the newly issued share capital of 22.435 billion by the creation of 8.974 billion Ordinary shares of 50 Kobo each”.
“That the Directors’ fees for the financial year ending December 31, 2023, and for succeeding years, until reviewed by the Annual General Meeting, be fixed at N50 million for each Director and N63.7 million for the Board Chairman That the Company’s Issued Share Capital be increased from N17.948 billion made up of 35.895 billion Ordinary shares of 50 Kobo each to N22.434 billion by the creation of 8.974 billion Ordinary shares of 50 Kobo each.”
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