Transcorp Seeks Name Change, Cancellation Of 4.352bn Unissued Shares At AGM

When the shareholders of the Transnational Corporation of Nigeria Plc (Transcorp) shall meet at the annual general meeting on…, one of the special resolutions the Tony Elumelu-led board will table before them is a name change that will see it expunge “Nigeria,” in what may suggest the group’s intention to seek global opportunities.

Also, in line with Section 131 and other applicable provisions, if any, of the Companies and Allied Matters Act 2020 (CAMA) and Article 12 of the Company’s Articles of Association, the group also want shareholders’ blessing to reduce the authorized share capital of the company from N22.5bn, divided into 45bn ordinary shares of 50k each to N20.323bn divided into 40.647bn.

This is to be achieved “by cancelling 4,352,009,707 ordinary shares of 50k each, which have not been issued.”

Thereafter, the meeting will vote to approve Clause 6 of the Memorandum of Association of the Company, which will be amended and substituted such that the share capital of the company is N20,323bn, divided into 40.647bn units “with power to divide the shares in the capital for the time being whether original or increased into several classes.”

The board will also seek approval at the meeting “to invest in, acquire, or divest from any business and/or carry out as the Directors may deem appropriate and in accordance with any relevant laws, any actions, including but not limited to restructuring, reorganization, reconstruction and such other business arrangement exercise or actions,” among others.

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