Fidelity Bank Plc holds an extra-ordinary general meeting [EGM] virtually in which some ordinary resolutions were proposed as well as been duly passed.
The resolutions made at the meeting were duly passed to the Nigerian Exchange Group. Among the resolutions passed was the increase in the company’s issued share capital by creating additional ordinary shares.
“That the issued share capital of the company currently N16 billion made up of 32 billion ordinary shares of N0.50 each, be increased up to N22.6 billion by the creation of up to 13.2 billion additional ordinary shares of N0.50 each”, the bank said.
The bank also noted: ‘That the company will undertake a capital raising exercise via a public offer for up to N10 billion ordinary shares and also rights issue of up to 3.2 billion ordinary shares representing 1 new share for every ten shares held, to new and existing shareholders respectively.
“That the board of directors of the company be and is hereby authorised to allot the shares issued in accordance with resolution 2 above, which shall rank pari-passu with the company’s existing issued shares, subject to the receipt of relevant regulatory approvals.
‘’That the board of directors be and is hereby authorised to perform all such lawful acts that are necessary to give effect to the above listed resolutions including but not limited to ensuring compliance with all regulatory procedures and requirements, obtaining all required approvals and filling within time, all regulatory returns in relations to the above resolutions’’, it said.
Meanwhile, a special resolution which requires the amendment of the bank’s Memorandum and Articles of Association (MEMART) to reflect the company’s new issued share capital was also proposed and duly passed.
‘’That the Memorandum and Articles of Association (MEMART) of the company be amended to reflect the company’s new issued share capital after the capital raising exercise in resolution 2 above and that the board of directors be and is hereby authorised to file the amended MEMART at the corporate affairs commission’’, it said.
