Site icon MONEYINAFRICA

Resolutions Passed at the Court-Ordered Meeting of Wema Bank Plc

Resolutions Passed at the Court-Ordered Meeting of Wema Bank Plc

Wema Bank Plc hereby announces that at its 2021 Court-Ordered Meeting held on 31st December 2021 by 10:00 am at Wema Towers, 54 Marina, Lagos State, Nigeria, the following resolutions were proposed and duly passed by the requisite majority at the meeting:

1. The Scheme as contained in the Scheme document dated Wednesday, December 1, 2021, with, or subject to such modification, addition or condition agreed at this meeting and/or approved or imposed by the Securities and Exchange Commission ("SEC") and/or the Court, a printed copy of which has been submitted to the meeting and for purposes of identification, endorsed by the Chairman, be and is hereby approved.

2. The Directors be and are hereby authorised to consent to any modification of the Scheme as the SEC and/or the Court may deem to impose or approve.

3. The right-sizing of the Bank’s paid-up share capital of N19,287,233,041 (Nineteen Billion, Two Hundred and Eighty-Seven Million, Two Hundred and Thirty-Three Thousand, Forty-One Naira Only) comprising of 38,574,466,082 (Thirty-Eight Billion, Five Hundred and Seventy-Four Million, Four Hundred and Sixty-Six Thousand, Eighty-Two) ordinary shares of a nominal value of N0.50 each to bring it down to N6,429,077,680 (Six Billion, Four Hundred and Twenty-Nine Million, Seventy-Seven Thousand, Six Hundred and Eighty Naira Only) (67% of the current figure) by way of the Scheme, be and is hereby approved.

4. N6,429,077,680 (Six Billion, Four Hundred and Twenty-Nine Million, Seventy-Seven Thousand, Six Hundred and Eighty Naira Only) comprising of 12,858,155,360 (Twelve Billion, Eight Hundred and Fifty-Eight Million, One Hundred and Fifty-Five Thousand, Three Hundred and Sixty) ordinary shares of a nominal value of N0.50 each will be retained as the Bank’s paid-up share capital. Proshare Nigeria Pvt. Ltd. 5. Each of the shareholders, be and hereby relinquish the pro-rata portion of the 25,716,310,721 (Twenty- Five Billion, Seven Hundred and Sixteen Million, Three Hundred and Ten Thousand, Seven Hundred and Twenty-One) issued ordinary share(s) of N0.50 kobo each of the Bank together with all the rights, title and interests attaching thereto (Relinquished Shares), in accordance with the Relinquishment Ratio and the terms of the Scheme.

6. N12,858,155,361 (Twelve Billion, Eight Hundred and Fifty-Eight Million, One Hundred and Fifty-Five Thousand, Three Hundred and Sixty-One Naira) being the value of the Relinquished Shares shall be credited to the Bank’s share premium account.

7. The Bank acknowledges and accepts the surrender of the Relinquished Shares with the rights and interests attached thereto.

8. The Bank shall re-issue […]

Stay in the Know!

Sign up for the latest news and information on African Companies and Economy.

By signing up, you agree to receive MoneyInAfrica offers, promotions and other commercial messages. You may unsubscribe at any time.
Exit mobile version