At the Extra Ordinary General Meeting of NEM Insurance Plc held on December 10, 2020, all the resolutions contained in the Notice of the Extra Ordinary General Meeting and the addendum there to were presented to the shareholders.
The shareholders unanimously approved that bonus shares be issued to existing members of the Company, subject to the filing of the increase in Authorized Share Capital of the Company at the Corporate Affairs Commission as approved at the annual general meeting held on June 18, 2020.
Also, in pursuance to the recommendation of the Directors, the shareholders resolved that the sum of N272.551million and N2.087billion be transferred from the Company’s Share Premium account and Retained Earnings account respectively to the Share Capital account.
The amount thus transferred shall represent the value of 4,719,497,087 ordinary shares of 50kobo each as fully paid up, and distributed amongst members whose names are registered in the Company’s Register of Members at the close of business on Wednesday, December 16, 2020 in the proportion of nine (9) new shares of 50 kobo each for every ten (10) existing shares of 50 kobo each, held by them.
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The shares distributed shall rank pari pasu with the existing shares in all respect and will be treated for all purposes as capital and not as income.
The register of members and transfer books of the company will be closed from Thursday, December 17 to Friday December 18, 2020 both dates inclusive for the purpose of updating the company’s register of members.
Accordingly bonus shares will be distributed to shareholders whose names are on the register before the date of closure. Bonus distribution shall be upon the receipt of the required regulatory approvals, according to a notice signed by Olajumoke Philip-Akede, Company Secretary/Legal Adviser, NEM Insurance Plc.
Among other resolutions, the shareholders also authorized the Directors to do all acts and things including rounding up of fractional shares to the nearest whole number; “and to approve, sign and/or execute all documents, appoint such professional parties and advisers, seek approval and comply with the directives of the relevant regulatory authorities, perform all such other acts and do all such other things as may be necessary or incidental to, or deemed appropriate to giving effect to the above resolutions without being required to seek any further consent or approval of the members or otherwise to the end and intent that the members shall be deemed to have given approval thereto expressly by the authority of the above resolutions.”
