Shareholders of AXA Mansard Insurance Plc have approved the increase of its share capital to N18 billion, at the Extra Ordinary General Meeting of AXA Mansard Insurance Plc held at the Oriental Hotel, No. 3, Lekki Road, Victoria Island, Lagos State, on Monday, December 7, 2020.
All resolutions contained in the Notice of the Extra Ordinary General Meeting were presented to the Shareholders and the following were unanimously resolved as follows.
That in accordance with section 102 of Companies and Allied Matters Act, Cap capital of C20 Laws of the Federation of Nigeria, 2004 (“CAMA”), and Article 40 of the Company’s Articles of Association (“Articles”); the authorised share the Company be and is hereby increased from N 5,250,000,000 (Five Billion, Two Hundred and Fifty Million Naira) to N18,000,000,000 (Eighteen Billion Naira) by the creation and addition thereto of 25,500,000,000 (Twenty Five Billion, Five Hundred Million) ordinary shares of N0.50K each.
That in accordance with section 383 of CAMA, and Article 111 of the Articles the funds for the time being standing to the credit of any of the company’s reserve accounts or to the credit of the profit and loss account or otherwise available for distribution, up to the sum of N12,750,000,000 (Twelve Billion, Seven Hundred and Fifty Million Naira ), shall be capitalised, for the purpose of issuing Bonus Share s as fully paid shares to the shareholders.
That the newly created 25,500,000,000 (Twenty Five Billion, Five Hundred Million) ordinary shares of N0.50K each be issued and allotted as fully paid bonus shares to the Company’s shareholders standing in the register of members of the Company as of December 14, 2020 (the Relevant Date) ; in the proportion of Seventeen (17) new ordinary shares for every Seven (7) ordinary Shares held as at the Relevant Date (“the Bonus shares”).