Company’s shareholders okay N15b capital raise
Universal Insurance Plc shareholders have okayed resolutions authorising the company to raise N15 billion to meet the Minimum Capital Requirement stipulated by regulators. The approvals were granted at its Extraordinary
Universal Insurance Plc shareholders have okayed resolutions authorising the company to raise N15 billion to meet the Minimum Capital Requirement stipulated by regulators.
The approvals were granted at its Extraordinary General Meeting in Lagos.
Under the resolutions, shareholders empowered the Board of Directors to raise the funds through public offers, private placements, rights issues, or others, either in Nigeria or international capital markets. The pricing, structure, timing, and tranches of the capital raise will be determined by the board, subject to regulatory approvals.
Shareholders also authorised the board to revalidate, regularise, and issue the company’s authorised but unissued legacy shares, comprising 14 billion ordinary shares, for the purpose of the capital-raising. Where existing unissued shares are insufficient, the board was further authorised to raise the company’s share capital by the number of ordinary shares and allot them accordingly.
Read Also: Edu hosts New York Mayor Eric Adams, calls for stronger US-Nigeria collaboration
In addition, the board received approval to secure the listing and admission to trading of any securities issued under the capital raise on the Nigerian Exchange Limited or any other approved exchange or market.
The directors are to appoint professional advisers, engage regulators, execute relevant documentation, and implement the capital-raising programme. The board was authorised to register any increase in share capital with Corporate Affairs Commission and file required statutory returns.
Shareholders also approved amendments to the Memorandum and Articles of Association, to reflect the new share capital structure. Actions previously taken by the board or its committees in connection with the capital raise and regulatory engagements were ratified and confirmed.
