WEMA Bank is set to raise capital of up to N40 billion by way of a rights issue to the existing shareholders of the bank by issuing two new shares for every three shares held in the reconstructed capital of the bank.
At an Extraordinary General Meeting (EGM) held on December 31 2021, the bank was authorised to raise the capital, following the completion of the bank’s share reconstruction exercise.
In addition to the raise of additional capital, the Directors have also been authorised to undertake the Rights Issue on dates and terms determined by the directors themselves.
At the EGM, shareholders waived their pre-emptive rights to any unsubscribed shares offered pursuant to the Rights Issue in the event of an under-subscription and thereby authorised the directors to offer/issue such unsubscribed shares at a price not less than that specified in the Rights Issue Circular, in such manner as they think most beneficial to the bank.
Also, the directors were hereby authorised to approve, sign and/or execute all documents, appoint such professional parties and advisers and to perform all such other acts and do all such other things as may be necessary to give effect to the above resolutions, including without limitation, complying with the directives of any regulatory authorities.
Other resolutions at the EGM include: “That following allotment by the Board of Directors of the shares, the shares issued by the bank pursuant to the Rights Issue or any unsubscribed shares disposed of by the Directors in accordance with Resolution 3 above be listed on the floor of the Nigerian Exchange Limited.
“That all acts carried out by the Directors and/or management of the bank in connection with the above are hereby approved and ratified.
“That the Board of Directors and the Registrars of the Bank be and are hereby authorised to take steps to reflect the adjustments to each shareholder’s shareholding and amend the bank’s register of members and take all actions that are necessary to put the Rights Issue and the foregoing resolutions into effect.
“That the Directors be authorised to perform other acts, take other steps or do all such other things as may be necessary for or incidental to, or as they deem appropriate to giving effect to the spirit and intendments of the above resolutions.
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