United Capital to raise fresh N100bn capital

United Capital to raise fresh N100bn capital

United Capital to raise fresh N100bn capital


 

The shareholders United Capital Plc, a leading financial services group in Africa have authorized their directors to raise additional capital of up to N100 billion.

The capital would be raised through the issuance of tenured bonds, notes, commercial papers, debt instruments, or loans in any currency by way of bond issuance, note issuance, book building or other methods.

Also, the shareholders agreed that whether the capital would be raised in one or more tranches; the pricing and terms of such issuance are to be determined by the directors as they deem appropriate subject to obtaining the approvals of relevant regulatory authorities.

This was part of the resolutions proposed and approved at the company’s Annual General Meeting held on Tuesday March 23, 2021 at the Lagoon Restaurant, Ozumba Mbadiwe Street, Victoria Island, Lagos.

According to the resolutions, the directors were authorized to appoint advisers, professionals and parties that they deem necessary, upon such terms and conditions that the directors may deem appropriate with regard to the aforementioned issuances.

“The Board of Directors are hereby empowered and authorized to carry out as it deems appropriate and in accordance with any relevant laws thereto, any actions, including but not limited to reorganization, restructuring, reconstruction and business arrangement exercise and actions for the Company as may be necessary to achieve competitive business advantage across the Group and/or comply with any legislation and/or directives and guidelines from the Securities and Exchange Commission.,” this is according to corporate filing signed by Leo Okafor, the company secretary, and giving details of the AGM

Meanwhile, United Capital also declared a dividend of N4.2 billion at 70 kobo per ordinary share of 50 kobo to all shareholders whose names are registered in the Company’s Register of Members as of March 5, 2021.

Other resolutions at the AGM include the approval of the remuneration of the Non-Executive Directors fixed at N45.5 million cumulatively for the financial year ending December 31, 2021, among others.