At the Extra-Ordinary General Meeting (EGM) of the firm, the Board of International Breweries Plc will propose a special resolution to approve a $379.9 million shareholder loan and debt-to-equity conversion.
This was stated in the notice of the company’s EGM that Nairametrics saw, which was sent to the Nigerian Exchange Limited and the Investing Public for April 9, 2024, in Lagos.
According to the announcement, International Breweries Plc planned to pay back a loan from Citibank Abu Dhabi and had received clearance for a $379.9 million shareholder loan from AB InBev Nigeria Holdings BV.
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Additionally, the Board of Directors has been authorized, pending regulatory compliance, to allocate convertible loans or other facilities owed by the company to individuals towards payment for shares subscribed to in a Rights Issue approved by shareholders.
The statement reads: “That the loan of US$379.9 million granted to International Breweries Plc by AB InBev Nigeria Holdings BV (‘the Shareholder Loan”) in respect of the repayment of the loan obtained by the Company from Citibank Abu Dhabi be and is hereby approved in accordance with the terms and conditions presented by the Board of Directors.
“Subject to compliance with the applicable regulatory requirements, the Directors be and are authorised to apply any convertible loan, shareholder loan, or any other loan amount/facility due to any person from the Company as may be agreed between the person and the Company towards payment for any shares subscribed for in the Rights Issue that has been approved by the shareholders of the Company.
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“The Directors be and are hereby authorised to approve, sign and/or execute all documents, appoint such parties and advisers as may be necessary to give effect to the above resolutions, including without limitation, complying with the directives of any regulatory authority”.
As part of the ordinary resolution, the company will also seek the shareholders’ approval that a Director and Company Secretary be authorized to sign and execute all documents necessary to give effect to the above resolutions, including without limitation, complying with the directives of any regulatory authority.
