Shareholders of Universal Insurance Plc have approved resolutions authorising the company to raise up to N15 billion in fresh capital to meet the minimum capital requirement set by regulators.
The approvals were given at the company’s Extraordinary General Meeting (EGM), according to a statement signed on Monday by the Company Secretary and Legal Adviser, Chinedu Onyilimba.
Under the resolutions, shareholders empowered the Board of Directors to raise the funds through public offers, private placements, rights issues or other approved methods in the Nigerian or international capital markets, subject to regulatory approvals.
The board was also authorised to revalidate and issue the company’s authorised but unissued 14 billion ordinary shares for the exercise and, where necessary, increase the share capital to accommodate the fund-raising.
In addition, shareholders approved the listing of any securities issued on the Nigerian Exchange Ltd. or other approved markets and empowered the board to appoint advisers, engage regulators, execute relevant documents and complete all statutory filings.
Amendments to the company’s Memorandum and Articles of Association required to reflect the new share capital structure were also approved, while all prior actions taken in connection with the capital-raising process were ratified.
