United Capital to raise N100bn capital
By Kayode Tokede
The shareholders United Capital Plc have authorized their directors to raise additional capital of up to N100 billion through the issuance of tenured bonds, notes, commercial papers, debt instruments, or loans in any currency by way of bond issuance, note issuance, book building or other methods and whether in one or more tranches; the pricing and terms of such issuance to be determined by the directors as they deem appropriate subject to obtaining the approvals of relevant regulatory authorities.
This was part of the resolutions proposed and approved at the company’s Annual General Meeting held recently in Lagos.
In a note to the Nigerian Stock Exchange on the resolutions of the meeting signed by Leo Okafor, Company Secretary on Friday, the directors were also authorized to appoint such advisers, professionals and parties that they deem necessary, upon such terms and conditions that the Directors may deem appropriate with regard to the aforementioned issuances.
“The Board of Directors be and are hereby empowered and authorized to carry out as it deems appropriate and in accordance with any relevant laws thereto, any actions, including but not limited to reorganization, restructuring, reconstruction and business arrangement exercise and actions for the Company as may be necessary to achieve competitive business advantage across the Group and/or comply with any legislation and/or directives and guidelines from the Securities and Exchange Commission,” the note said.
”The Directors be and are hereby authorized to appoint such advisers, professionals and parties that they deem necessary, upon such terms and conditions that the Directors may deem appropriate with regard to the aforementioned business arrangements.”
Other resolutions at the AGM include the approval of the Audited Financial Statements for the year ended December 31, 2020 and the Report of the Directors, Auditors and Audit Committee thereon; a dividend of N4.2 billion at 70 kobo per ordinary share of 50 kobo to all shareholders whose names are registered in the Company’s Register of Members as of March 5, 2021; the approval of the re-election of Mr. Sonny Iroche and Sir Stephen Nwadiuko as Independent Non-Executive Directors; the approval of the appointments of Mr. Oladipupo Fatokun and Hajiya Sutura Aisha Bello as Independent Non-Executive Directors.
