United Capital shareholders approve share increase capital to N9bn

Shareholders of United Capital Plc have given approval to the Board of Directors of the company to increase the share capital of the Company from Three billion naira to Nine billion naira by the creation of additional 12 billion Ordinary Shares of 50 kobo each.

At the Extraordinary General Meeting of United Capital Plc virtually held recently, shareholders approved that the new shares should rank paripassu in all respects with the existing ordinary shares in the Share Capital of the Company.

Also, the shareholders approved that the share capital of the Company, Nine Billion Naira be divided into 18 billion Ordinary Shares of 50 kobo each.

According to the resolution sent to the Nigerian Exchange Limited (NGX); “The Board of Directors be and are hereby authorized to take all such actions as they may deem necessary or advisable in order to carry into effect the purpose and intent of the foregoing resolutions, including without limitation the allocation of the shares issued by way of Bonus Issue, the filing of any required documentation with the Securities & Exchange Commission, the Nigerian Exchange Limited and the Corporate Affairs Commission or any other regulatory authorities as well as entering into any agreement and/or other documents, and appointing any professional advisers or parties necessary to give effect to the resolutions.

Pursuant to Articles 5 and 6 of the Articles of Association of the company and the directors having so recommended, the sum of N6,000,000,000.00 be and is hereby capitalised from the Retained Earnings (which, based on the 2023 Audited Accounts of the Company and after deducting the 2024 dividend payment of N10,800,000,000.00 had a balance of N7,453,352,671.00).

Accordingly, the said sum of N6,000,000,000.00 be set aside from the Retained Earnings for distribution to all members whose names appear in the Register of Members at the close of business on July 31, 2024, on the condition that the same shall not be paid in cash but applied in paying up in full at par 12,000,000,000 ordinary shares of 50kobo each, to and amongst such members in the proportion of two ordinary shares for every one share held by them at that time, the shares so distributed being treated for all purposes as capital and not as income, subject to the relevant regulatory approvals,” the statement said.