FCMB Group Plc will use its forthcoming Annual General Meeting on May 24 to seek its shareholders’ approval to raise N150 billion capital.
In a notice of the AGM, the group plans to raise up to N150 billion or its equivalent in other currencies through the issuance of various securities, including ordinary shares, preference shares, convertible or non-convertible notes, bonds, or other instruments, in both Nigerian and international capital markets, with flexibility in pricing, issuance methods, maturity periods, and terms, subject to regulatory approvals.
The Group will also seek shareholders’ endorsement for the increase of the company’s issued share capital from N9,901,355,390.50 divided into 19,802,710,781 ordinary shares of 50k each to N19,802,710,781.00 divided into 39,605,421,562 ordinary shares of 50k each by adding 19,802,710,781 ordinary shares, which will rank equally with existing shares but won’t be considered for dividends recommended for the year ended 31 December 2023.
“That the company be and is hereby authorised to raise additional capital of up to 150,000,000,000.00, or its equivalent in such other currency as the directors may decide, through the issuance of securities comprising ordinary shares, preference shares, convertible or non-convertible notes, bonds or any other instruments, in the Nigerian and/ or international capital markets, either as a standalone issue(s) or by the establishment of capital raising programme(s), whether by way of public offerings, private placements, rights issues and/or such other transaction modes, at price(s), coupon or interest rates determined through book building or any other acceptable valuation method or combination of methods, in such tranches, series or proportions, within such maturity periods and at such dates and upon such terms and conditions, as may be determined by the Board of Directors (the “Board” or the “Directors”), subject to obtaining the requisite approvals of the relevant regulatory authorities.
