Axa Mansard Offers Shareholders 17 Bonus Shares for 7

AXA Mansard Insurance

By Dipo Olowookere

The portfolios of shareholders of Axa Mansard Insurance Plc is about to increase as a result of the bonus share proposal of the board of directors.

The underwriter said it plans to share to investors new stocks of the company on the basis of 17 new equities for every seven held by them as at the close of business on December 14, 2020.

Before this new shares are offered, the firm wants to increase the authorised share capital of the company from N5.250 billion to N18.000 billion with the creation of additional 25.500 billion ordinary shares of 50 kobo each.

The value of the new stocks would be N12.750 billion and would be sourced from the company’s reserve accounts or the profit and loss account or otherwise available.

However, authorisation of shareholders of the organisation would be sought at an Extraordinary General Meeting (EGM) fixed for December 7, 2020, at the Oriental Hotel, Victoria Island, Lagos by 10am.

In a notice, Axa Mansard said in the interest of public safety and having regard to the Nigerian Centre for Disease Control (NCDC) COVID-19 guidance for safe mass gatherings in the country, the guidelines of the Corporate Affairs Commission (CAC) on holding Annual General Meetings (AGMs) and the restrictions on public gatherings by the Lagos State government, the meeting will be by proxy only and limited to the maximum number of persons allowed in a gathering.

It said a member who is eligible to attend and vote at the EGM is entitled to appoint a proxy to attend and vote in his stead.

However, it clarified that a proxy need not be a member of the company, stressing that for the appointment to be valid, a completed and duly stamped proxy form must be deposited at the office of the Registrar, DataMax Registrars Limited on No. 2c, Gbagada Expressway, Lagos State, not less than 48 hours before the time fixed for the meeting.

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. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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