NEM Insurance Seeks Nod To Issue Bonus From Reserves, Shares Premium Account
As part of efforts to meet up with the minimum capital requirement set for underwriters in the country by the National Insurance Commission (NAICOM), ahead of the deadline, the directors of NEM Insurance Plc, wants shareholders at an extraordinary meeting scheduled for December 10, 2020, to approve the issuance of bonus shares.
The approval, according to a statement by Olajumoke Philip-Akede, the company secretary, is subject to the filing of an increase in Authorized Share Capital of the company at the Corporate Affairs Commission as approved at the Annual Meeting of June 18, 2020.
The proposal, which is part of special business at the meeting, entails a bonus of 9 new shares of NEM Insurance for every 10 previously held, as of the close of business on November 23, 2020, by the transfer of ₦272.551m and ₦2,087,197,543 from its Share Premium and Retained Earnings Accounts respectively to the Share Capital Account.
These will represent the value of 4,719,497,087 ordinary shares of 50 Kobo each as fully paid up, and distributed amongst members whose names are registered in the Company’s Register of Members at