First Bank Holding seeks N150bn capital raise

First Bank Holding Plc will seek shareholders’ approval to raise N150 billion additional capital at the group’s Annual General Meeting (AGM) scheduled for August 15, 2023.

This was contained in the group’s amended notice of the meeting.

The group said that the capital raise transaction would be by way of a rights issue on such terms and conditions and on such dates as might be determined by the directors subject to obtaining the approvals of the relevant regulatory authorities.

At the upcoming AGM, the shareholders will also have the opportunity to consider and pass the following special resolutions: that Clause 6 of the Memorandum of Association of the company be amended to reflect the newly issued share capital of N22.435bn by the creation of 8.974 billion ordinary shares of 50 kobo each.

That the company’s Issued Share Capital be increased from N17.948bn made up of 35.895 billion ordinary shares of 50 kobo each to N22.434bn by the creation of 8.974 billion ordinary shares of 50 kobo each.”

Recall that some shareholders of FBN Holding Plc (FBNH) protested against a court order suspending the 11th AGM of the financial institution, and the management proposed plans to raise fresh capital and appoint new directors.

The shareholders, in the protest in Lagos, decried the move by some individuals to use the court to stop the AGM, noting that AGMs were statutory meetings that could not be stopped from holding.