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EQUITYASUR Announces Board Resolutions Passed At Its Extra-Ordinary General Meeting

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Wednesday, March 11, 2020 / 1:05 PM / NSE / Header Image Credit: SUNU Assurances

At the Extra-Ordinary General Meeting of SUNU Assurances Nigeria Plc ("the Company") held on Monday, 9^th March, 2020 at Rose Hall, Orchid Hotels Limited, Plot 3, Dreamworld Africana Way, Lekki Expressway, Lagos State, the following resolutions contained in the Notice of the Extra-Ordinary General Meeting were presented to the Shareholders and were unanimously resolved as special resolutions:

1. The share capital of the Company should be reconstructed by the cancellation of four (4) existing ordinary shares out of every five (5) ordinary shares held by members of the Company. The total number of issued ordinary shares post the reconstruction exercise would be 2,800,000,000 (Two Billion, Eight Hundred Million) ordinary shares while 171,200,000,000 (Eleven Billion, Two Hundred Million) ordinary shares would be cancelled and unissued.

2. The Company is authorized to repurchase the fractional shares arising from share Capital reconstruction in line with the provision of section 160(2) (b) of CAMA.

3. The Company is authorized to alter its MEMART to reflect its new share capital following the share reconstruction exercise;

4. The Company is authorized to raise, whether by rights issue, public offering, private/special placement, book building or other methods or combination of methods, additional capital of N8,000,000,000.00 (Eight Billion Naira) or its equivalent in any foreign currency by way of issuance of ordinary shares, preference shares, convertible or non-convertible loans, stocks, medium-term notes, bonds or other securities in such tranches, series or proportions at such coupon or interest rates within such maturity periods and on such other terms and conditions including the provision of security for payment as the Directors may deem fit:

5. The Company is authorized to refinance the debt owed to Daewoo Securities (Europe) Limited with an option to convert the debt to equity at the prevailing market price;

6. The Directors are authorized to approve, sign, negotiate and/or execute all documents, appoint such professional parties and advisers, as may be necessary to give effect to the above resolution, including without limitation, obtaining all approvals/authorizations and/or complying with the directives of any judicial/regulatory authority; and all acts carried out, steps taken and documents executed (or to be executed), by the directors and/or management of the company in connection with the above resolutions;

7. The Directors are authorized to take any actions in connection with the above resolutions as they consider necessary and advisable in the circumstance: and

8. The Directors should take requisite steps to reflect the changes in the shareholding structure of the company at the Corporate Affairs Commission, including the filing of a new and consolidated Form CAC 2A (Return of Allotment Post Incorporation) detailing the names and particulars of all shareholders of the company, following the completion of the transaction.

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