Chams to raise capital by selling 4.3m units of shares

Chams Plc, identity and payment solutions company, on Wednesday reported  to raise fresh capital through the sale of its unissued 4.3 million shares. This was one of the resolutions passed at the company’s 38th Annual General Meeting (AGM) held in Lagos.

The company’s shareholders at the AGM authorised the directors to sell the shares either through a rights issue, public offer, private placement, issuance of other capital or money markets instruments, or other means as may be determined by them for the purpose of strengthening the company’s equity base.

The shareholders at the meeting also passed a resolution to change the name of the company from Chams Plc to Chams Holding Company Plc to serve as a non-operating holding company.

The shareholders also resolved that the Directors be and are hereby authorised to do all such things and take all such actions as are required to give effect to the conversion of the Company into a non-operating holding company in compliance with Central Bank of Nigeria Guidelines for Licensing and Regulation of Payments Service Holding Companies in Nigeria, including consenting to any modifications or any conditions that the Central Bank of Nigeria, the Securities & Exchange Commission, Nigerian Exchange Limited, or any other regulatory authority may think fit to approve or impose.

“That the Directors be and are hereby authorised to do all such things and exercise such powers as may be necessary to establish an Employee Share Option Scheme and allot under the scheme 10 per cent of the total shares of the Company (1,000,000,000) One Billion ordinary shares to qualifying directors and employees of the Company and its Subsidiaries at such price, time, for such period and on such other terms and conditions as the Directors may deem fit, subject to the applicable laws and regulations and receipt of such other relevant regulatory approvals.”