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Shareholders approve share capital increase for First Inland


December 18, 2007/Guardian


Shareholders of First Inland bank Plc yesterday unanimously approved an increase in the bank\'s share capital from N10 billion to N12.5 billion.


The increase would be done by the creation of additional five billion units of shares ranking pari passu with the existing shares of the bank.


At the extra-ordinary general meting of the bank held in

Lagos, the shareholders approved all the resolutions proposed by the board of directors with a vote of \'yes\'.


To ensure that the resolution was passed without stress, shareholders arrived right on time and they represented different groups, among which are shareholders United Front (SUF), Zonal Shareholders Association, progressive Shareholders Association among others.


The three resolutions passed included: \"that pursuant to Article 49 of the bank\'s Article of Association, up to four billion preference shares be created out of the bank\'s existing authorized share capital, with such rights and privileges and upon such terms and conditions as the directors of the bank may deem appropriate from time to time.


\"That the directors of the bank are authorized to issue such number of preference shares from the existing share capital of the bank, upon such terms and conditions as they deem fit, and


\"That the directors of the bank be authorized to undertake such other acts as may be incidental to and or required for giving full effect to the objectives earlier stated and for effecting transactions pursuant thereto.\"


All the resolutions were passed unanimously.



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