Prestige Assurance Seeks Approval To Cancel 6.747bn Unissued Shares

Directors of Prestige Assurance Plc have fixed an extraordinary general meeting for November 24, 2022 to seek shareholders nod for cancellation of 6,747,438,112 units of its unissued ordinary shares in line with Section 124 of the Companies and Allied Matters Act (CAMA) 2020 and the Companies Regulations 2021.

Following the cancellation of the unissued shares in the share capital of the company, according to a notice of the EGM, the directors, according to a notice filed on the Nigerian Exchange Limited platform by Mrs. Chidinma Ibe-Louis, the company secretary, also want the shareholders to approve the deletion of clause 6 of the Memorandum of Association.

The deleted portion will then be replaced with that the share capital is N6,626,280,944 into 13,252,561,888 ordinary shares of 50 kobo each.