By David Akinmola
An underwriting firm, Prestige Assurance Plc, has received approval from its investors to terminate issued shares of the organisation amounting to N6,747,438,112.
The decision aligns with Section 124 of the Companies and Allied Matters Act (CAMA) 2020, and the Companies Regulations 2022, it said.
The Chairperson of the company, Funmi Oyetunji, who spoke at the firm’s Extra Ordinary General Meeting held in Lagos, said the board had considered all available options before deciding to take the option of cancellation in line with regulatory requirements.
She told the shareholders that the board of directors was very sensitive to the options, but has chosen to take the route to protect the goal and sanctity of the company.
She said: “The Directors are hereby authorised to enter into and execute agreements, deeds, notices, and all relevant documents, take all such lawful steps as may be required, by statute and/or regulations, give such directions as may be necessary or incidental, and appoint such professional parties, consultants and advisers as may be required, to comply with the directive of the regulatory authorities.
“That under the cancellation of all the unissued shares in the share capital of the company by resolution one, clause six of the Memorandum of Association of the company be and is hereby deleted in its entirety and replaced with the following: The share capital of the company is N6, 626,280,944 divided into 13,252,561,888 ordinary shares of 50 kobos each. That under the cancellation of all the unissued shares in the share capital of the company be amended as necessary to reference only the issued share in the share capital of the company to read: ‘The share capital of the company is N6,626,280,944 divided into 13,252,561,88 ordinary shares of 50 kobos each; That the sections of the repealed CAMA 1990 cited in the Memorandum and Articles of Association of the company be and are hereby replaced with the relevant sections in the CAMA 2020.
‘‘That the directors be and are hereby authorized to do all such acts, deeds, matters, and things as the board may deem necessary to give effect to the aforementioned resolutions of the company.”
