Prestige Assurance gets shareholders’ nod to cancel unissued shares

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Underwriting firm, Prestige Assurance Plc, has secured the approval of its shareholders to cancel issued shares of the company amounting toN6,747,438,112.

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This is in compliance with section 124 of the Companies and allied Matters Act (CAMA) 2020, and the Companies Regulations 2022. Speaking at the Company’s Extra Ordinary General Meeting held in Lagos, the Chairperson, Mrs. Funmi Oyetunji said the board having considered all available options have decided to take the option of cancellation in line with regulatory requirements.

She told shareholders that the board of directors are very sensitive to all the options, but have chosen to take this route in order to protect the goal sanctity of the company.

She said: “The Directors are hereby authorised to enter into and execute agreements, deeds, notices, and all relevant document, take all such lawful steps as may be required, by statue and/or regulations, give such directions as may be necessary or incidental, and appoint such professional parties, consultants and advisers as may be required, to comply with the directive of the regulatory authorities.

“That pursuant to the cancellation of all the unissued shares in the share capital of the company in accordance with resolution 1 above, Clause 6 of the Memorandum of Association of the company be and is hereby deleted in its entirety and replaced with the following: ‘‘The share capital of the company is N6,626,280,944 divided into 13,252,561,888 ordinary shares of 50 kobo each.

That pursuant to the cancellation of all the unissued shares in the share capital of the company be amended as necessary to reference only the issued share in the share capital of the company to read: ‘The share capital of the company is N6,626,280,944 divided into 13,252,561,88 ordinary shares of 50 kobo each;

That the sections of the repealed CAMA 1990 cited in the Memorandum and Articles of Association of the company be and are hereby replaced with the relevant sections in the CAMA 2020”

‘‘That the directors be and are hereby authorised to do all such acts, deeds, matters and things as the board may deem necessary to give effect to the aforementioned resolutions of the company”, she added.

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