Secure Electronic Technology Plc has notified the Nigerian Exchange and the investing public on its intention to cancel 368,460,000 units of unissued shares.
At the Extraordinary General Meeting of the company recently held in Lagos, the following resolutions were proposed and duly passed:
CANCELLATION OF UNISSUED SHARES
That the 368,460,000 units of shares of Secure Electronics Technology which are the entire units of the Company shares that remain unissued as at the date of the resolution be and are hereby canceled as authorized by Article 9(ii) of the Company’s Article of Association.
ALTERATION OF THE MEMORANDOM OF ASSOCIATION
That the Memorandum and Articles of Association of Secure Electronics Technology Plc be and is hereby amended that every reference to ‘Authorised Share Capital’ in the Memorandum and Articles of Association should be replaced with ‘Issued Share Capital’. No reason was given for the development.