First Inland Bank Shareholders approve share capital increase
December 21st, 2007 The Editor || eic@stockmarketnigeria.com
By Tunde Brown
The shareholders of First Inland Bank, this week in an extra – ordinary general meeting of the bank held in Lagos, unanimously approved an increase in the company’s share capital from N10 billion to N12.5 billion. The increase is to be done by a creation of additional five billion units of shares ranking pari passu with existing shares of the bank.
The credibility of the unanimous approval was integral as the various groups, which are shareholders United Front (SUF), Zonal Shareholders Association, progressive Shareholders Association among others, arrived early to participate in the proceedings. The shareholders gave the approval at the bank’s Extraordinary General Meeting ahead of plans to approach the capital market to raise about N100bn in additional capital.
Some of the other resolutions passed in the meeting include:
(i) A creation of up to four billion preference shares, out of the bank’s existing authorized share capital, with such rights and privileges and upon such terms and conditions as the directors of the bank may deem appropriate from time to time;
(ii) “That the directors of the bank are authorized to issue such number of preference shares from the existing share capital of the bank, upon such terms and conditions as they deem fit.
(iii) It was also agreed that the directors of the bank should be authorized to undertake such other acts as might be incidental to and or required for giving full effect to the objectives above, and for effecting any transactions pursuant thereto.”
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