Cadbury Nigeria Plc has notified the investing public that it has got the approval from shareholders to convert the Company’s intercompany loan of N7.036 billion to equity.
At the Extra-Ordinary General Meeting of the Company held on Thursday February 8th, 2024 the following resolutions were duly passed:
- “That the conversion of the Company’s intercompany loan of US$7,718,118.44 (equivalent to ₦7,036,446,501.26 owed by the Company to Cadbury Schweppes Overseas Limited be converted into equity by the allotment of 402,082,657 ordinary shares of 50 kobo each to Cadbury Schweppes Overseas, each share to rank pari passu in all respects with the existing ordinary shares in the capital of the Company, at the price of ₦17.50 per share, being the share price of the Company as at close of trading on December 27 2023 be approved; That the Board of Directors are authorised to take all such lawful steps, to pass all requisite resolutions and do all such other lawful acts and/or things as may be necessary, incidental, supplemental, consequential to giving effect to the resolutions above including listing the new shares on the stock exchange; and all prior lawful steps taken by the Directors are hereby ratified”
- That the Company’s share capital be increased from ₦939,100,981 to ₦1,140,142,309.50 by the creation of 402,082,657 ordinary shares of 50 kobo each, such shares to rank pari passu in all respects with the existing Ordinary Shares in the Capital of the Company and the shares created be allotted in accordance with Resolution 1 above and the Directors are authorised to take all steps necessary or incidental to effecting the increase.
The shareholders acknowledged and resolved that: in compliance with the requirements of Section 124 of the Companies and Allied Matters Act and the Companies Regulation, 869,625,840 ordinary shares in the unissued share capital of the Company as at June 15,2022 be cancelled.
The share capital of the Company following the cancellation is ₦939,100,981 comprising 1,878,201,962 ordinary shares of ₦0.50 each.