AXA Mansard to raise N18bn share capital with bonus issuance

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By Kayode Tokede

AXA Mansard Insurance Plc has said that its board  of directors has approved a scheme involving share consolidation and issuance of bonus shares exercise required to take the Company’s share capital to N18 billion.

The resolution was said to have been unanimously reached on the 17th of November 2020 via a written resolution pursuant to Section 263(8) of the Companies and Allied Matters Act.

In a notification at the Nigerian Stock Exchange (NSE) signed by Mrs. Omowunmi Mabel Adewusi, Company Secretary, the management of the company is expected to carry out the share consolidation and issuance of bonus shares exercise required to take the Company’s share capital to N18 billion.

“That the bonus issue exercise may be done at once or in phases provided the Company meets the September 30, 2021 deadline set by the Commission,” the notice said.

“That subject to regulatory approvals, the Company would hold an Extra Ordinary General Meeting to obtain shareholders’ approval of the Share consolidation and Bonus Share.

“That the Board and Management 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 Share Consolidation and Bonus Issue Exercise.

“That the Board of Directors be and are hereby authorized to take all steps and do all acts that they deem necessary for the successful implementation of the above stated resolutions.”