October 11, 2019 /12:31 PM / By NSE
At the Annual General meeting of LASACO Assurance Plc., duly convened and held on Tuesday, 8th October, 2019, these resolutions were proposed and duly passed:
1. The Audited Financial statements for the year ended 31st December, 2018 together with the Reports of the Audit Committee and the Independent Auditors thereon.
2. The payment of Dividend of 5 kobo on Friday, 11th October, 2019
3. The re-election of Directors: Mrs, Aderinola Disu, as chairman and Mr. Akin Odusami.
4. The remuneration of the External Auditors; BDO Professional Services, as company's External Auditors in place of Doyin Owolabi & Co who retired as company's Auditors having served the statutory (5) five years as stipulated by the National Insurance Commission's ( NAICOM) Code.
5. The election of members of the Audit Committee.
6. The Directors fees.
7. The Reconstruction of the existing Shares of 7,334,344 ordinary shares. one new share for every four (4) shares previously held
8. The appointment of all necessary parties by the Directors and to do all such acts and things to give effect to the share capital reconstruction exercise.
9. Special /Private Placement
I. Authorized the Directors subject to the approval of the relevant Regulatory Authorities to raise additional capital through the issuance of up to 9,250,000,000 Ordinary shares of N0.501< each at N1.20k per share by way of Special/private placement.
II. The shares to be issued pursuant to the above resolution and the rights attaching thereto shall rank parri passu with ordinary shares held by the existing members of the Company.
III. The sum of N2t749t379rOOO representing the surplus nominal value of the reconstructed shares be transferred into the Share Reserve Account and form part of the Shareholders Funds of the Company.
IV. That the reconstructed 1183315861000 Ordinary Shares of 50k each, be revalued in accordance with the ratio of reconstruction, subject to appropriate regulatory consent and be listed on the Nigerian Stock Exchange.
V. Authorized the Directors to exercise all the powers of the Company to modify and or conclude the terms of the Special/Private Placement, seek approvals