Subject to receiving the necessary permissions from the appropriate regulatory bodies, the Board of Stanbic IBTC Plc would ask shareholders for permission to create a Debt Issuance Programme of up to ₦400 billion in order to issue a variety of debt instruments under different terms and procedures.
Nairametrics was able to see the group’s notice of the Annual General Meeting, which included this information.
In accordance with the notification, the firm would also ask for permission to the directors to sign all relevant contracts and hire experts for the N400 billion company program, including adhering to legal requirements.
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Furthermore, to request support for an ordinary resolution granting the Directors the power to raise additional equity capital up to N150 billion through a rights issue or subscription offer, on terms to be decided by the Directors, subject to regulatory approval and Clause Seven of the Company’s Memorandum of Association.
The statement reads: “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
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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”.
