FBNH Plans Fresh Capital Raise
The holding company of Nigeria’s premier bank, First Bank Holding Plc, has announced plans to raise fresh capital if shareholders endorse the proposal in its coming annual general meeting (AGM) on August 15, 2023.
In the Group’s Notice of the AGM for filling to the Nigerian Exchange, the Tier 1 lender stated that “the capital raise transaction shall be by way of a Rights Issue, on such terms and conditions and on such dates as may be determined by the Directors, subject to obtaining the approvals of the relevant regulatory authorities.”
According to the notice shareholders will consider the following special resolutions for approval:
That the Rights Issue referred to in the Resolution may be underwritten on such terms as may be determined by the Directors, subject to obtaining the approval of the relevant regulatory authorities. That the shareholders, under Resolution, will waive their preemptive rights to any unsubscribed shares under the Rights Issue in the event of an under-subscription.
That the Directors be authorized to appoint such professional parties and advisers and to perform all such other acts and do all such other things as may be necessary to give effect to the above resolutions, including without limitation, complying with the directives of any regulatory authority.
That Clause 6 of the Memorandum of Association of the Company be amended to reflect the newly issued share capital of 22.435 billion by the creation of 8.974 billion Ordinary shares of 50 Kobo each”.
“That the Directors’ fees for the financial year ending December 31, 2023, and for succeeding years, until reviewed by the Annual General Meeting, be fixed at N50 million for each Director and N63.7 million for the Board Chairman That the Company’s Issued Share Capital be increased from N17.948 billion made up of 35.895 billion Ordinary shares of 50 Kobo each to N22.434 billion by the creation of 8.974 billion Ordinary shares of 50 Kobo each”.
The group also announced the appointment of Billionaire investor, Femi Otedola as Non-Executive Director subject to the approval of its shareholders at the upcoming Annual General Meeting (AGM) scheduled for August 15, 2023.
Otedola was listed as a substantial shareholder with 5.57 percent of the total shareholdings, translating to 10,000,000 units of shares directly held and 1,989,342,376 units of shares held indirectly under Calvados Global Limited as of June 30, 2023.
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