First Bank Holding Plc is set to seek its shareholders’ approval to raise N150 billion new capital from the Nigerian Exchange Limited (NGX) as part of the Board and management’s efforts to improve the lender’s operations for improved services and returns on shareholders’ investment.
Already, the Board had indicated the fund-raising agenda in the amended Notice of the Group’s Annual General Meeting (AGM) scheduled to hold on August 15, 2023.
According to the Notice, the capital raise shall be by way of a Rights Issue on such terms and conditions and on such dates as may be determined by the Directors, subject to obtaining the approvals of the relevant regulatory authorities.
The Board proposed that at the upcoming AGM, the shareholders would also deliberate upon and resolve that: “That the Rights Issue referred to in Resolution may be underwritten on such terms as may be determined by the Directors, subject to obtaining the approvals of the relevant regulatory authorities;
“That shares not taken by the existing shareholders within the period stipulated under the right issue may be offered for sale to interested shareholders of the company on such terms and conditions as may be determined by directors subject to obtaining the approvals of regulatory authorities;
“That the Directors be authorized to appoint such professional parties and advisers and to perform all such other acts and do all such other things as may be necessary to give effect to the above resolutions, including without limitation, complying with the directives of any regulatory authority;
“That Clause 6 of the Memorandum of Association of the Company be amended to reflect the newly issued share capital of 22.435 billion by the creation of 8.974 billion Ordinary shares of 50 Kobo each; and
“That the Directors’ fees for the financial year ending December 31, 2023, and for succeeding years, until reviewed by the Annual General Meeting, be fixed at N50 million for each Director and N63.7 million for the Board Chairman That the Company’s Issued Share Capital be increased from N17.948 billion made up of 35.895 billion Ordinary shares of 50 Kobo each to N22.434 billion by the creation of 8.974 billion Ordinary shares of 50 Kobo each”, the Notice added.
It would be recalled that the FBNH group recently announced the appointment of Mr. Femi Otedola as Non-Executive Director subject to the approval of its shareholders at the upcoming AGM.
