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LASACO to Raise Funds by Creating Fresh 40bn Shares

By Dipo Olowookere

The board of LASACO Assurance Plc is planning to raise fresh capital with the creation of additional 40 billion shares.

This would increase the total number of shares of the company to 50 billion, LASACO said in a notice to the Nigerian Stock Exchange (NSE) on Monday.

To make this effective, the company has called for an Extra-Ordinary General Meeting (EGM) slated for Wednesday, October 10, 2018, at the NECA House, Plot A2 Hakeem Balogun Street, Lagos by 11am.

During the meeting, shareholders will, in accordance with Articles 43 of the Articles of Association of the company, give the board the power to create the addition shares “to rank pari passu in all respects with the existing Ordinary Shares in the capital of the company.”

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They will also approve for an amendment of Clause 6 of the Memorandum of Association and Article 43 of the Articles of Association to “reflect the new Authorized Share Capital of N25 billion divided into 50 billion ordinary shares of 50 kobo each.”

Also, the shareholders will give the board authority to raise additional capital through the issuance of up to 40 billion ordinary shares of 50k each by way of public offer, private placement or preference shares “subject to the approval of the relevant regulatory authorities.”

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In addition, the board will want an approval to “modify and/or conclude the terms of the public offer, private placement or preference shares, seek approvals from the relevant regulatory authorities appoint Professional parties and Advisers, finalize and execute all agreements or documents and to do all such acts and deeds which the Board of Directors in its absolute discretion may deem necessary and expedient for the purpose of the public offer, private placement or preference shares without being required to seek further consent or approval of members of the company or otherwise to the end and intent that they shall be deemed to have given approval thereto expressly by the authority of the resolution.”

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Meanwhile, the board of LASACO has emphasised that shareholders who want to ask question during the meeting must submit such questions via the “Company Secretary at Plot 36 Acme Road Ogba, Lagos at least 48 hours before the EGM.”

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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