Fidelity Bank Plc has notified the investing public that an Extraordinary General Meeting (EGM) will hold virtually via https://www.fidelitybank.ng/egm/ at 10 am on February 6, 2025.
The following resolutions are to be considered for adoption at the EGM:
- That the Issued Share Capital of Fidelity Bank Plc (the Company) be and is hereby increased from divided into 53,400,000,000 Ordinary Shares of N0.50 Kobo each up to by the creation of up to 20,000,000,000 additional Ordinary Shares of N0.50 Kobo each (the new Issued Share Capital) ranking pari-passu with the existing Ordinary Shares of the Company and that the Board of Directors of the Company (the Board) be and is hereby authorised, if deemed necessary, to cancel any unallotted shares or increase the – taken by the Company to raise additional equity capital pursuant to the resolutions presented for adoption herein.
- That the Board be and is hereby authorised to raise additional capital up to the new issued share capital of the Company by way of Private Placement, Rights Issue, Public Offers or any other mode or combination of modes, in such tranches, series, amounts, pricing or proportions and on such terms and conditions and at such times as may be determined by the Board, subject to obtaining the requisite regulatory approvals.
- That the Board be and is hereby authorised to issue, by way of one or more Private Placements, up to 20,000,000,000 Ordinary Shares of N0.50 kobo each in the share capital of the Company (being not more than 30% of the Company’s existing issued shares and paid-up capital) to one or more investors in such tranches and on such pricing, times, terms and conditions as shall be determined by the Board.
In an explanatory note regarding the proposed resolutions for adoption at the Extraordinary General Meeting (EGM), Fidelity Bank stated thus:
“In March 28, 2024, the Central Bank of Nigeria published revised minimum capital requirements for commercial, merchant and non-interest banks in Nigeria, including a minimum capital requirement of N500Billion for commercial banks with international authorisation, with a capitalisation deadline of March 31, 2026.
In 2024, based on the prior approval of our esteemed shareholders, we undertook a capital raising exercise by way of Public Offer of 10Billion Ordinary Shares of 50Kobo each at N9.75 per share to prospective shareholders and Rights Issue of 3.2Billion Ordinary Shares of 50Kobo each to existing shareholders at N9.25 per share on the basis of 1 new share for every 10 shares held at the close of business on January 5, 2024 (the combined Offer)
The combined Offer, which marked the first phase of capital raising was a resounding success as evidenced by investors’ keen interest. We also received shareholders’ approval to accept surplus monies arising from potential oversubscription subject to the Company’s issued share capital. The post- Offer regulatory approval processes are being finalized and expected to be concluded shortly
The resolutions proposed for approval at this EGM will enable us leverage on the success of the combined Offer to commence the second phase of our plan for achieving the N500Billion minimum capital requirement for banks with international authorisation.
Based on our phased implementation plan, we intend to achieve the new capital requirement within the CBN’s completion timeframe of March 31, 2026.
We are excited about the opportunities in our market and pleased with our performance trajectory. The additional capital will enable your Company take advantage of emerging business opportunities while enhancing long-term profitability, competitive advantage and increasing shareholder value.”