Fidelity Trust Bank Plc has notified the Nigeria Exchange and the investing public that it intends to raise fresh fund via Rights Issue.
In a notice of an Extra-Ordinary General Meeting (EGM) scheduled to hold in August 11, 2023, the following resolutions are meant to be passed:
- That the issued share capital of the Company currently N16,000,000,000.00 (Sixteen Billion Naira) made up of 32,000,000,000 Ordinary Shares of N0.50 each, be increased up to N22,600,000,00.00 (Twenty-two Billion, Six Hundred Million Naira) by the creation of up to 13,200,000,000 (Thirteen Billion, and Two Hundred Million) additional Ordinary Shares of N0.50 each.
- That the Company undertakes a capital raising exercise via a Public Offer for up to 10,000,000,000 Ordinary Shares and Rights Issue of up to 3,200,000,000 Ordinary Shares representing 1 (one) new share for every ten (10) shares held, to new and existing shareholders respectively
- That the Board of Directors of the Company be and is hereby authorised to allot the shares issued in accordance with resolution (2) above, which shall rank pari-passu with the Company’s existing issued shares, subject to the receipt of relevant regulatory approvals.
The Bank is on a strong growth trajectory and requires additional capital for increased profitability, expansion (domestic and international) and enhancement of its digital capabilities. Advances in technology, the rapid evolution of the business of banking and changes in the operating landscape make it imperative that the Bank remains agile, adaptable and properly positioned to respond appropriately to developments, whilst remaining a competitive and forward looking institution.