Monday, November 25,
2019 / 09:15 AM / NSE / Header Image Credit: Inspen Online
Niger Insurance Plc ("the Company") held its 49th Annual General Meeting on the 21st of November, 2019 at Orchid Hotel, Lekki by 11:00 AM.
The Quorum having been met, the following unanimous Resolutions were passed by Shareholders during the meeting;
1. To receive the Report of the Directors, the Audited Financial Statements for the year ended 31 December, 2018 and the respective Reports of the Auditors and Audit Committee Thereon
"That the Financial Statements for the year ended 31 December, 2018 and the report of Audit Committee, Directors and Auditors as presented be and are hereby received by Shareholders of the Company".
2. Re-election of Directors
"That Mr. Kester Enwereonu be and is hereby re-elected by rotation as Director to the Company".
3. To Authorize Directors to fix the Remuneration of the Auditors
"That the Directors of the Company be and are hereby authorized to fix remuneration for the Auditors for the period ending at the conclusion of the next Annual General Meeting".
4. To Elect Members of the Audit Committee
"That Mr. Ebi Enaholo, Mr. Kester Enwereonu, Mr. Adekunle Olodun and Mr. Alex Adio be and are hereby appointed as members of the Audit Committee for the period ending at the conclusion of the next Annual General Meeting".
5. To fix Remuneration of the Directors
"That the Directors of the Company be and are hereby authorized to fix the Directors remuneration for the period ending at the conclusion of the next Annual General Meeting".
6. Approval of Capital Raise
"That the Directors of the Company be and are hereby authorized to take all necessary steps to raise additional capital of up to N15,000,000,000 (Fifteen Billion Naira) whether by way of rights issue, private placement or to negotiate merger and acquisition or any other form of business combination or other arrangement or a combination of methods with Insurance Companies and that the rights issue be executed at such price, time and on such other terms and conditions as the directors may deem fit".
7. Restructure of Share Capital
"That the Directors of the Company be and are hereby authorized to restructure the share capital of the Company either by way of share consolidation, division, cancellation or re-denomination of the shares of the Company as shall be deem fit and suitable by the Directors".
8. Approval of Issuance of Share Below Part
"That the Directors of the Company be and ate hereby, authorized to issue such shares of the Company either at a premium or a discount, provided that where a discount price results in the shares being issued at a price Is below the par value (up to a maximum discount of 70%) the Directors be and are hereby authorized to proceed to issue the shares at the stated discount".
9. Appointment of Professional Parties
"That the Directors of the Company be and are hereby authorized to appoint such professional patties, approve, sign/or execute all documents and perform all such other acts and do all such other things as may be necessary to give effect to the above resolutions, including without limitation complying with the directives of any regulatory authority and approve 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".
10. Filing of Resolution
"That the Directors be and ate hereby authorized to take all steps to give effect to these resolutions and where applicable to effect the filing and/or registration of same with the Corporate Affairs Commission".
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Table: Unaudited Q3 2019 Results