International Breweries Plc has notified the investing public the Company will raise additional capital via Rights Issue. The shareholders of the Company approved this at the recent at the Extraordinary General Meeting of the Company. The following resolutions were proposed and duly passed:
“That the Company be and is hereby authorised to raise additional equity capital by way of a rights issue to the existing shareholders of the Company on such terms and conditions (including but not limited to the amount of the Rights Issue, price of the Rights Issue, rights ratio, and number of shares to be provisionally allotted) as shall be determined by the Directors.
That any shares not taken up by existing shareholders within the period stipulated under the Rights Issue may be offered to shareholders of the Company that have indicated their interest in purchasing additional shares not taken up by the shareholders entitled to do so in the Rights Issue, on such terms and conditions as may be determined by the Directors.
That the share capital of the Company be increased to such amount as shall be determined by the Directors, as being required to undertake the Rights Issue.
That the nominal value of all the existing ordinary shares in the Company’s share capital be and is hereby sub-divided from fifty Kobo (N0.50) each to two Kobo (N0.02) each and all future ordinary shares in the Company’s share capital, including all new ordinary shares that are to be created pursuant to the increase of the Company’s share capital, shall have a nominal value of two Kobo (N0.02) each.
That the Memorandum of Association of the Company be and is hereby amended by deleting the provisions of Clause 6 and substituting it with the following:
The Share Capital of the Company is N537,241,317 (Five Hundred and Thirty-Seven Million, Two Hundred and Forty-One Thousand, Three Hundred and Seventeen Naira) divided into 26,862,065,850 (Twenty-Six Billion, Eight Hundred and Sixty-Two Million, Sixty-Five Thousand, Eight Hundred and Fifty) ordinary shares of N0.02 (Two Kobo) each.” and such other amendments be made to the Memorandum of Association of the Company as may be required in consequence of the increase in the share capital for purposes of executing the Rights Issue.