The board of AIICO Insurance has scheduled an extra-ordinary general meeting (EGM) for October 5, 2018, in Lagos.
The directors expect shareholders at the meeting to approve plans for additional capital of up to N5.28bn “through the issuance of up to 4.40bn ordinary shares of N0.50 each at N1.20 per share by way of a special/private placement.”
At the meeting also, according to the notice by Donald Kanu, the Company Secretary, the shareholders are expected to approve that the board should conclude the terms of the special/private placement, while seeking approvals from the relevant regulatory authorities and appoint professional parties, advisers.
The shareholders are also to “finalise and executive all agreements or documents and to do all such acts and deeds which the board of directors in its absolute discretion may deem necessary and expedient for the purpose of the special/private placement without being required to seek any further consent or approval of members of the company or otherwise to the end and intent that they shall be deemed to have given approval thereto expressly by the authority of this resolution.”
The approval, AIICO added, is pursuant to the resolution of shareholders on May 5, 2016, authorizing the directors to raise additional capital of up to N25bn.