April 8, (THEWILL) – First Bank Holdings Plc will seek shareholders’ approval to raise N300 billion in additional capital at the group’s Extraordinary General Meeting (EGM) scheduled to hold virtually on Tuesday, April 30, 2024.
This was contained in the group’s amended notice of an Extraordinary General Meeting (EGM) to the shareholders.
According to the notice, the capital raise transaction shall be by shares issuance via public offer, private placement or rights issue in the Nigerian or international capital markets at a price to be determined by way of a book-building process or any other valuation method or combination of methods.
The notice said the issuance of shares will be in such tranches, series, or proportions and at such periods dates, coupon or interest rates within such maturity periods and upon such other terms and conditions, as may be determined by the board of directors, subject to obtaining the approvals of the relevant regulatory authorities.
The notice added that at the upcoming EGM, the shareholders will also have the opportunity to consider and pass the following special resolutions:
“That the capital raise referred to in resolution {a) above may be underwritten on such terms as may be determined by the directors, subject to obtaining the approvals of the relevant regulatory authorities.
“That the directors be and are hereby authorised to undertake all necessary actions to secure the listing and admission to trading of securities issued pursuant to the foregoing resolution on the official list of the Nigerian Exchange Limited, and/or on any other securities exchanges or market.
“That the directors be and are hereby authorised to appoint such professional parties and advisers and to 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, executing necessary documents in connection with the capital raise, determining the final structure of the capital raise, interfacing and complying with the directives of any regulatory authority.
“Upon completion of the process for allotment of the new ordinary shares in accordance with the resolution above, the Memorandum and Articles of Association of the Company be amended as necessary to reflect the company’s newly issued share capital.”
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
