AXA Mansard Insurance has notified the investing public of its Extraordinary General Meeting that will hold at the Oriental Hotel, No 3, Lekki Road, Victoria Island, Lagos State, on Monday, December 7, 2020 at 10:00 a.m to pass the following resolutions as ordinary resolutions:
Increase Share Capital
That in accordance with section 102 of Companies and Allied Matters Act, Cap C20 Laws of the Federation of Nigeria, 2004 (“CAMA”), and Article 40 of the Company’s Articles of Association (“Articles”); the authorised share capital of the Company be and is hereby increased from N5,250,000,000 (Five Billion, Two Hundred and Fiy Million Naira) to N18,000,000,000 (Eighteen Billion Naira) by the creation and addition thereto of 25,500,000,000 (Twenty Five Billion Five Hundred Million) ordinary shares of N0.50K each.
Issuance of Bonus Shares
That in accordance with section 383 of CAMA, and Article 111 of the Articles the funds for the time being standing to the credit of any of the company’s reserve accounts or to the credit of the profit and loss account or otherwise available for distribution, up to the sum of N12,750,000,000 (Twelve Billion, Seven Hundred and Fiy Million Naira), shall be capitalised, for the purpose of issuing Bonus Shares as fully paid shares to the shareholders.
That the newly created 25,500,000,000 (Twenty Five Billion Five Hundred Million) ordinary shares of N0.50K each be issued and allotted as fully paid bonus shares to the Company’s shareholders standing in the rd register of members of the Company as of 23 November 2020 (the Relevant Date); in the proportion of Seventeen (17) new ordinary shares for every Seven (7) ordinary Shares held as at the Relevant Date (“the Bonus shares”).
That where the issuance of the Bonus Shares results in a fraction of a share being held, the Company be authorised to round that fraction down to the nearest whole share or zero, as the Directors may deem fit.
Consolidation / reconstruction of shares
That, in accordance with Section 101 of CAMA and Article 44 of the Articles; the nominal value of the issued ordinary shares of the Company be and is hereby altered from 50 kobo each to N2.00K each, by the consolidation of every four (4) shares held by each shareholder into one (1) share.
That where the consolidation results in a fraction of a share being held, the Company be authorised to round that fraction down to the nearest whole share or zero, as the Directors may deem fit.
That the consolidated shares shall have the same rights and be subject to the same restrictions as the existing shares of the Company.
That the consolidation shall be deemed to take effect on 31 December 2020