July 22, 2019 /09:20AM / by NSE
Notice is hereby given that the 11th Annual General Meeting of Deap Capital Management & Trust Plc will be held at Heights Hotel 1,General Ogomudia Boulevard, Off Road 47, BabatundeAnjous Street, Off Admiralty Way, Lekki Schemel1, Lagos on August 22, 2019 at 11am to transact the following business:
5.1. “That the Directors’ fees payable to each Director, save Executive Directors, until further notice, be and is hereby fixed at the sum of N500,000 (five hundred thousand Naira) for each Non-Executive Director save the Chairman, whose fees shall be fixed at the sum of N750,000 (seven hundred and fifty thousand Naira), such payments to be made effective from September 1, 2018”.
5.2. That notwithstanding anything contained in the Articles of Association, the Directors be and are hereby authorized to exercise the power to convert the sum of N1,689,154,000 (One billion, six hundred and eighty nine million, one hundred and fifty four thousand Naira) owed to creditors of the Company as at September 30, 2018 into Ordinary shares in the equity of the Company.
5.3. That in accordance with the authority stated in paragraph 5.2, the Directors are authorised to exercise all the powers of the Company to issue and allot in consideration for the sum converted and as they deem fit with or without preferential allotments, 1,500,000,000 (One Billion Five Hundred Million) Ordinary Shares of 50kobo each in the equity of the Company. Such shares upon issue and allotment shall be deemed to be paid up and shall rank pari-passu in all respects with the existing issued and paid-up Ordinary shares of the Company.
5.4. That the Directors be and are hereby authorized to give effect to the above resolutions upon the receipt of the necessary permissions and approvals from the appropriate regulatory authorities and to deal with the fractional shares resulting from the allotments as they deem fit.
5.5. That the Director be and are hereby authorized to appoint such professional advisers and undertake such other acts as may be necessary or incidental to, and or required for, effecting the objectives set out above.
6.1. That the name of the company be changed from “DEAP CAPITAL MANAGEMENT & TRUST PLC” to “DEAP PLC”,
6.2. That the Memorandum and Articles of Association of the Company contained in the printed , document submitted to the meeting and for the purpose of identification initialled by the Chairman hereof, be approved and adopted as the new Memorandum and Articles of Association ; of the Company in substitution and to the exclusion of the existing Memorandum and Articles of Association
6.3. That the terms of the agreement proposed to be entered into between the Company and the Management Consultants (Collaboration and Consulting Company Limited) providing for the engagement of the latter for a period of 5 (five) years from October 2019 to September 2024 to undertake the turnaround of the Company be and is hereby approved.
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Graph 1: Deap Capital Management & Trust Plc – One Year Share Price Movement
Table: Audited Q4 2018 Results