Fidelity Bank Plc has announced that an Extraordinary General Meeting (EGM) of its shareholders will be held virtually on February 6, 2025, to provide shareholders the opportunity to participate remotely.
This was contained in the bank’s notice to the Nigerian Exchange Limited seen by NewsNGR.
The primary agenda for the EGM includes the consideration and approval of key resolutions aimed at increasing the bank’s share capital and authorizing capital-raising initiatives to support its strategic growth plans.
According to the bank, shareholders will deliberate on a proposal to increase the bank’s issued share capital from N26.7bn, comprising 53.4 billion ordinary shares of N0.50 kobo each, to N36.7bn.
The bank also said this will be achieved by creating an additional 20 billion ordinary shares of N0.50 kobo each, bringing the total issued share capital to 73.4 billion shares.
The newly created shares, the bank added will rank pari-passu with the existing ordinary shares of the bank.
According to the bank, the Board of Directors will also have the authority to cancel any unallotted shares or further increase the share capital as necessary to accommodate equity-raising transactions.
The Board of Directors is also seeking authorization to raise additional capital up to the new issued share capital limit of N36.7bn.
This may be achieved through private placements, rights issues, public offers, or any combination of methods.
The timing, terms, and conditions of the capital-raising exercises will be determined by the Board, subject to requisite regulatory approvals.
The Board is also authorized to issue up to 20 billion shares via private placements, representing no more than 30 per cent of the company’s existing issued share capital.
These placements will be carried out in tranches and on terms deemed appropriate by the Board, with strict adherence to applicable laws and regulatory approvals.
Shares issued under these resolutions will rank equally with existing ordinary shares. The Board is tasked with ensuring the listing and trading of the newly issued shares on the Nigerian Exchange Limited and is also authorized to cancel any unallotted shares, subject to regulatory compliance.
Fidelity Bank has urged shareholders to participate in the virtual meeting to deliberate and vote on these crucial resolutions that will shape the bank’s capital structure and support its long-term objectives.
Shareholders have been urged to review the proposed resolutions and attend the EGM for a collective decision-making process.