LASACO Announces Board Resolution Passed at Its Extra-Ordinary General Meeting

Proshare

Monday, October 22, 2018 08:32AM / NSE

 

At the Extra-Ordinary General meeting of LASACO Assurance PIc duly convened and held on Wednesday, 1oth October 2018, the item listed, as Special Business was amended as follows:

1. “That the Authorized Share Capital of the Company be and is hereby increased from 10,000,000,000 (Ten Billion) to 20,000,000,000 (Twenty Billion) by the creation and addition thereto of 10,000,000,000 (Ten Billion) Ordinary Shares of 50(fifty) kobo each, such new shares to rank pari-passu in all respects with the existing Ordinary Shares in the capital of the Company".

2. “That Clause 6 of the Memorandum of Association and Article 43 of the Articles of Association respectively be and are hereby amended to reflect the new Authorized Share Capital of H10,000,000,000 (Ten Billion Naira) divided into 20,000,000,000 (Twenty Billion) Ordinary shares of 50 (fifty) kobo each”.

3. “That 10,000,000 (Ten million) Preference Shares of 1,000 each at N500 per share and multiples of 1,000 shares thereafter be created”.

4. “That the Board of Directors be and are hereby authorized, subject to the approval of the relevant regulatory authorities, to raise additional capital through the issuance of up to 10,000,000,000 (Ten Billion ) ordinary shares of 5ok each at 5ok per share either by way of Public Offer, Special placement or Rights issue and /Or up to 10,000,000 (Ten million) Preference Shares of 1,000 each at N500 per share”

5. “That the Board of Directors be and are hereby authorized to exercise all the powers of the Company to modify and/or conclude the terms of the Public Offer, Special placement or Rights issue, seek approvals from the relevant regulatory authorities appoint Professional parties and Advisers, finalize and execute all agreements or documents and to do all such acts and deeds which the Board of Directors in its absolute discretion may deem necessary and expedient for the purpose of the Public Offer, Special placement or Rights issue or Preference Shares without being required to seek further consent or approval of members of the Company or otherwise to the end and intent that they shall be deemed to have given approval thereto expressly by the authority of the resolution”.

 

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