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HomeCompany NewsFidelity Bank to seek shareholder's approval for private placement of 3.04 bln...

Fidelity Bank to seek shareholder’s approval for private placement of 3.04 bln shares

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By Samuel Bankole

Fidelity Bank on Wednesday said it plans to hold an extraordinary general meeting of its shareholders this month to seek approval for the sales of 3.04 billion shares via private placement.

In a regulatory filing with the Nigerian Exchange Limited (NGX), the lender said the shares will be issued from the unissued ordinary shares in the share capital of the bank.

According to the regulatory communication, the proposed private placement would not be more than 30 per cent of the lender’s existing issued share and paid-up capital.

It said the extraordinary shareholder meeting will be held on September 29, in Lagos, where the approval for the share sales will be sought.

Fidelity Bank said that the Private Placement shall be carried out in conformity with applicable laws and subject to the procurement of all regulatory approvals.

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“That the members in recognition of the need to ensure that the Company’s share capital is aligned with the requirements under applicable laws, hereby waive their pre-emptive rights in respect of the 3,037,414,308 unissued Ordinary Shares of 50 kobo each, to be issued by the Company by way of Private Placement.

“That the said shares issued in accordance with resolution (1) above shall rank pari-passu with the Company’s existing issued shares.

“That the Board of Directors be and is hereby authorised to perform all such lawful acts as are necessary to give effect to the above listed resolutions including but not limited to ensuring compliance with all regulatory procedures and requirements, obtaining all required approvals and filing within time, all regulatory returns in relation to the above resolutions,” the lender stated in the communication to NGX.

However, the bank did not provide detail on pricing for the private placement in the regulatory communication.

The share of the lender fell by 0.87 per cent to N3.43 per share at the close of trading on Wednesday on the floor of the Exchange.

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