Japaul to Raise N27bn, Plans Share Reconstruction

japaul oil

By Dipo Olowookere

Shareholders of Japaul Oil & Maritime Services Plc have authorised the board of the company to raise fresh capital of up to N27 billion.

This approval was given at the Annual General Meeting (AGM) of the firm held virtually on Wednesday, July 29, 2020.

During the meeting, the shareholders ratified that the authorised share capital of the firm be raised to 60 billion ordinary shares from 6 billion ordinary shares, while funds valued at N27 billion be raised through a rights issue, public offer, private placement or any other means the board considers appropriate.

In a notice, the company also said the board can carry out a share reconstruction exercise and also change the company’s name from Japual Oil & Maritime Services Plc to Japaul Gold & Ventures Plc.

It explained that the reason behind this move was because the organisation was planning to delve into mining business.

“The shareholders ratified that the authorised share capital of the company be increased from 6 billion ordinary shares to 60 billion ordinary shares/or preference shares.

“That the company be authorised to raise additional equity capital up to N27 billion whether by way of rights issue, public offer, private placement through book building or offer for subscription, and/or other securities at such time for such consideration and upon such terms and conditions as the directors may deem fit.

“That the name of the company be changed from Japual Oil & Maritime Services Plc to Japaul Gold & Ventures Plc.

“That the company be authorised to engage in mining and technology business activities, through partnerships and acquisitions.

“That, in an attempt to raise equity, the company be authorised to carry our share reconstruction.

“That the directors be authorised to do all things necessary and incidental to the achievement and fulfilment of the above special resolutions.

“That the company secretary be authorised to file any requisite documents at the required regulatory bodies.

“That the audit firm of PKF be retained as auditors and the directors authorised to fix their remuneration,” the company said.

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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