ABBEYBDS Notifies of the Resolutions Passed at the Company’s 27th AGM

Proshare

Thursday, July 18, 2019 /11:000AM / by NSE 

 

At the 27th Annual General Meeting of Abbey Mortgage Bank Plc held on Monday, 15th July, 2019 at the Agip Hall, MUSON Centre, Onikan, Lagos, the following resolutions were passed:

  1. “That the Audited Financial Statements for the year ended 31st December, 2018 together with the reports of the Directors, Auditors and Audit Committee thereon be and are hereby received and adopted”’
  2. “That High Chief Samuel Oni, Mr. Uzochukwu Odunukwe and Mr. Andrew O. Nwosisi being retiring Directors who have offered themselves for re-election be and are hereby reelected”
  3. “That the Directors be and are hereby authorized to fix the remuneration and expenses of Auditors for the year ending 31st December, 2019”
  4. “That the following persons having been validly elected/appointed shall constitute the Audit Committee of the company:

(a) Mr. MOT Tobun

(b) Mr. Adekunle Alli

(c) Mr. Gbadebo Ajeigbe

(d) Mazi Emmanuel K. Ivi

(e) AVM Olufemi Soewu (rtd)

(f) Mr. Bernard Okumagba

  1. “That the Directors’ fees for the year ending 31st December, 2019 shall be N12, 500, 000 (Twelve Million Five Hundred Thousand Naira only) for all Non-Executive Directors”
  2. “That the Company be and is hereby authorized to raise additional capital of N2,374,615,384.62k (Two Billion, Three Hundred and Seventy-Four Million, Six Hundred and Fifteen Thousand, Three Hundred and Eighty-Four Naira Sixty-Two Kobo only) by way of private placement of the Company’s ordinary shares (“the Private Placement”’)”
  3. “That subject to obtaining the requisite regulatory approvals, the Private Placement shall be by way of sale of 2,261,538,462 (Two Billion, Two hundred and Sixty-One Million, Five Hundred and Thirty-Eight Thousand, Four Hundred and Sixty-Two) ordinary shares of the Company at the rate of N1.05k (One Naira, Five Kobo) per share to the VFD Group Plc”
  4. “That subject to the approval of the Nigerian Stock Exchange (“the NSE’’) the Placement shares shall be listed on the NSE upon conclusion of the Private Placement”
  5. “That the Directors be and are hereby authorized to take all necessary steps required to give full effect to the Private Placement including the execution of any documents, all regulatory filings and the appointment of professional advisers”
  6. “That the Authorised Share Capital of the Company be and is hereby increased from N3,500,000,000 (Three Billion and Five Hundred Million Naira) to N6,000,000,000 (Six Billion Naira) by the creation of 5, 000, 000, 000 (Five Billion) Additional Shares of 5okobo each, such shares ranking pari-passu with the existing shares of the Company”’
  7. “That clause 6 of the Memorandum of Association be amended to reflect the new Authorised Share Capital”’
  8. “That the Directors be and are hereby authorised to do all that is required to effect the increase in the Authorised Share Capital including all necessary notifications and filings at the Corporate Affairs Commission”
  9. “That subject to obtaining the approval of the relevant regulatory authorities, the Directors of the Company be and are hereby authorized to raise additional capital of such amount as shall be appropriate for the business of the Company either locally or internationally whether through a Rights Issue, Public Offer, Private Placement , Special Placing in such number as shall be determined by the Directors or through the issuance of bonds, or notes or other instruments, debts, loans, in any currency, in such tranches, series or proportions, at such coupon or interest rates or otherwise, within such maturity periods, and on such other terms and conditions, as the Directors may deem fit or determine”
  10. “That the Directors be and are hereby authorized to take all necessary steps required to give full effect to the above resolution including the execution of any documents all, regulatory filings and the appointment of professional advisers”


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Graph 1: Abbey Mortgage Bank – One Year Share Price Movement

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Table: Unaudited Q1 2019 Results 

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