VFD Group shareholders approve N13.5bn capital raising

VFD Group shareholders approve N13.5bn capital raising

By Peter Egwuatu

The shareholders of VFD Group Plc have unanimously endorsed its Board of Directors proposed capital raising in order to beef up its businesses.

The Chairman of VFD Group, Mr. Olatunde Busari (SAN) who presided over the Extra Ordinary General Meeting, EGM commended the government and healthcare workers for their efforts at taming COVID-19 pandemic and urged stakeholders present at the meeting to continue to keep safe by observing precautions.

The chairman after reading the Board’s proposed resolutions handed over the proceedings of the meeting to the registrar, Africa Prudential Plc, represented by Mrs. Catherine Nwosu.

The shareholders who casted their votes endorsed all the proposals at the meeting to include:  that “The capital raise of N13,500,000,000 (Thirteen point five Billion Naira).”  That the directors be and are hereby authorized to raise by way of a rights issue in such ratio and terms, conditions and dates to be determined by the Directors, or other methods, further capital of up to N7.5 billion (Seven point five bllion naira) through the issuance of shares, global depository receipts, convertibles or non-convertibles, medium term notes, bonds, and/ or any other instruments either as a stand alone or by way of a programmes, in such tranches, series or proportions, at such coupon or interest rates, within such maturity periods, and on such terms and conditions; including through book building process or such other processes all of which shall be as determined by the directors, subject to obtaining the approvals of relevant regulatory authorities.

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“ (b) Pursuant to the authority to undertake the rights issue referred to in paragraph (a) above, the directors be and are further authorized to underwrite the issue on such terms and conditions as they may deem fit; ( c). Further to paragraph (b) above, the shareholders hereby waive their pre-emptive rights to any unsubscribed shares under the rights issue in the event of under-subscription.”

In the second capital raising, the shareholder equally approved as follows that: ” the Directors be and are hereby authorized to raise additional capital of up to N6 billion (Six billion Naira) through an offer by way of private/ special placement in such ratio and terms, conditions and dates to be determined by the Directors and through the issuance of 9,803,921 ordinary shares of N0.50kobo each at N6.12 per share subject to obtaining the approvals of relevant regulatory authorities.

” (b) “The Directors be and are hereby authorized in the event of an over-subscription of shares in an issue to the public to capitalize the excess funds to the extent permitted by the relevant regulatory authorities and allot the additional shares in a manner deemed fit by them, provided such allotment can be accommodated by the Company’s then unissued share capital.

“ (c) In the event that such further capital raise referred in (a) above be by way of a rights issues, the directors be and are hereby authorized to underwrite such issue on such terms and conditions as the Directors may deem fit among other conditions.”

Vanguard News Nigeria

The post VFD Group shareholders approve N13.5bn capital raising appeared first on Vanguard News.





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