Stanbic IBTC Plc after thier board bmeeting is seeking shareholders’ approval to create a Debt Issuance Programme of up to ₦400 billion to issue diverse debt securities through various methods and terms, subject to the grant of all required approvals from the relevant regulatory authorities.
This was found in thier memorandum for Annual General Meeting.
In this notice, the company will also request that the directors are authorized to execute all necessary agreements and engage professional parties for the Company’s N400 billion Programme, including compliance with regulatory directives.
Also to get endorsement for ordinary resolution granting the Directors authority, contingent upon regulatory approval and Clause Seven of the Company’s Memorandum of Association, to raise additional equity capital of up to N150 billion via a Rights Issue or offer for subscription, with terms to be determined by the Directors.
Here is their statement:
“That subject to receipt of any required regulatory approvals and pursuant to Article One of the Company’s Articles of Association, the Directors be and are hereby authorised to establish a Debt Issuance Programme (the “Programme”) in an amount of up to ₦400,000,000,000 (four hundred billion naira) or such foreign currency equivalent thereof as the Directors may consider appropriate, for the purpose of issuing debt securities (to include senior unsecured or secured, subordinated, convertible, preferred, equity linked or such other forms of debt obligations) by way of public offering, private placement, additional tier one or tier two capital raising, investments, book building process or any other method, in tranches of such amounts and at such dates, coupon or interest rates and upon such terms and conditions as may be determined by the Directors, subject to the grant of all required approvals from the relevant regulatory authorities
“That the Directors be and are hereby authorised to enter into and execute all such agreements, deeds, notices and documents as may be necessary for or incidental to the Company’s ₦400 billion Programme and the Directors are also authorised to appoint all such professional parties necessary for or incidental to, the actualisation of the Programme, including, without limitation, complying with the directives of any regulatory authority.”
“To consider and if thought fit pass the following sub-joined resolutions as an ordinary resolution: 9.1 “That subject to receipt of any required regulatory approvals and pursuant to Clause Seven of the Company’s Memorandum of Association: a. The Directors be and are hereby authorised to raise additional equity capital of up to ₦150,000,000,000 (One Hundred and Fifty Billion Naira) by way of a Rights Issue or offer for subscription on such terms, tranches, conditions and dates as may be determined by the Directors”
“In the event of an under-subscription to any Rights Issue or Offer for Subscription, the Directors are authorised to offer the unsubscribed shares first to interested existing shareholders; and where following such offer, any portion of the shares, remain unsubscribed, then the Directors are hereby authorised to offer such unsubscribed shares that may be outstanding, to interested investors on similar terms to the Rights Issue or Offer for subscription”
Also, that following the completion of the additional equity capital raise as contemplated in one of the clauses, the Issued and Paid Up Share Capital of the Company be increased from ₦6,478,498,581.50 (six billion, four hundred and seventy eight million, four hundred and ninety eight thousand, five hundred and eighty one Naira, fifty kobo) divided into 12,956,997,163 ordinary shares of 50 Kobo each to a maximum of up to ₦8,250,000,000.00 (Eight billion, two hundred and fifty million Naira) by the creation of up to 3,543,002,837 (Three Billion, five hundred and forty three million, two thousand eight hundred and thirty seven) Ordinary shares of 50 Kobo each; such new shares to rank pari passu in all respects with the existing ordinary shares in the capital of the Company, among others.
