International Breweries Holds EGM to Approve N165bn Rights Issue, Others

By Modupe Gbadeyanka

The Extra-Ordinary General Meeting (EGM) of International Breweries Plc will take place in Lagos tomorrow, Tuesday, October 15, 2019, Business Post is reporting.

According to information released by the brewery firm, the shareholders’ gathering is slated for the Conference Hall of Sheraton Lagos Hotel, located on Mobolaji Bank Anthony Way, Ikeja. It was further disclosed that the emergency meeting of the highest decision-making organ of the organisation will commence by 10am.

Business Post gathered that at the meeting, shareholders of International Breweries would be required to approve the raising of fresh capital up to N165 billion through rights issue.

“That, subject to obtaining the approval of the relevant regulatory authorities, the directors be and are hereby authorized to raise additional capital of up to N165,000,000,000.00 by way of a rights issue of ordinary shares to the company’s shareholders (Rights Issue) and that the rights issue be executed at such price, time and on such other terms and other conditions as the directors may deem fit,” one of the resolutions to be passed by the investors tomorrow read.

“That the authorised share capital of the company be and is hereby increased from N4,300,000,000.00 to N15,000,000,000.00 by the creation of 21,400,000,000.00 additional ordinary shares of 50 kobo each, each new share ranking pari passu in all respects with the existing ordinary shares of the company and that the new shares thus created be registered with the Securities and Exchange Commission (SEC) and consequently that the Memorandum and Articles of Association of the company be amended accordingly,” another resolution read.

Also, the shareholders would be required to approve that, “Pursuant to the increase in the authorized share capital of the company, the Memorandum of Association be amended by deleting clause six of the Memorandum and substituting same with the following new clause: The authorized share capital of the company is N15,000,000,000.00 divided into 30,000,000,000.00 ordinary shares of 50 kobo each.”

From the document seen by Business Post, other resolutions to be passed at Tuesday’s gathering are, “The Directors and/or management of the company be and are hereby authorized to approve, sign and/or execute all documents, appoint such professional parties and advisers, as may be necessary to give effect to the above resolutions, including without limitation, complying with the directives of any regulatory authority and all acts carried out, steps taken and documents executed (or to be executed), by the directors and/or management of the company in connection with the above resolutions be and are hereby approved and

“The Company Secretary be and is hereby authorized to take all steps to give effect to these resolutions and, where applicable, to file and/or register the same with the Corporate Affairs Commission (CAC).”

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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