17th eTranzact AGM: Shareholders Approve 5.7bn Additional Capital Raising, Holdco Structure

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Wednesday, July 28, 2021 / 8:30 PM / Ottoabasi Abasiekong for WebTV / Header Image Credit: eTranzact

 

Shareholders at the 17th annual general meeting of eTranzact International Plc approved the additional capital raising of N5.7bn through private placement and the restructuring to a Holding Company, Holdco.

 

Both approvals got a 100% vote showing the full backing of the shareholders to two critical decisions taken by the board to move the company forward.

 

At the meeting which was coordinated by the Chairman of the Board Mr. Wole Abegunde, the external auditor's report by Ernst & Young and the Audit Committee statement both agreed that eTranzact Plc's 2020 financial records aligned with the provisions of the Company and Allied Matters, CAMA and the International Financial Reporting Standard, IFRS.

 

Giving their views and perspective on the 2020 financial year performance some of the key shareholders who attended the meeting, highlighted some issues in the operations of eTranzact.

 

High Chief Roberts in his remarks said the Holdco structure was not a bad idea but harped on the need for etranzact to ensure that its subsidiaries are viable and adding value to the group. He called for clarity on the outcome of the 2020 rights issue.

 

Sir Sunny Nwosu on his part called on the board to explore ways of managing the capital base in a way it is not over-bloated. He stressed the need to broaden the board's composition, in alignment with the provisions of CAMA. The shareholder group leader also asked for more information on last year's right issue.

 

Mr. Nona Awoh an analyst and shareholder recognized the cost containment measures of the company but emphasized the need to address the issues around the cost of sales.

 

Responding to the issues raised Mr. Wole Abegunde assured the shareholders, that the Holding Company structure will create value for the market and investors.

 

On the rights issue, he said the utilization of the proceeds from last year's activity did not reflect in the 2020 financials. He noted that through the issue eTranzact will be repositioned to the path of profitability in the market.

 

Also speaking at the AGM, the MD/CEO of eTranzact Mr. Niyi  Toluwalope said 2021 started better than 2020 and eTranzact is exploring innovative products to improve its performance.

 

The AGM featured the re-election of some of the Directors and the Statutory Audit Committee members amongst others.


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