LASACO to raise N10bn capital through shares

Shareholders of LASACO Assurance Plc have approved the decision of the board of directors to raise additional N10bn ordinary shares to beef up the company’s capital base.

The shareholders gave the nod during an Extra-Ordinary General Meeting of the company in Lagos, as part of efforts to position LASACO as a major tier one company under the tier-based minimum solvency capital requirements of the National Insurance Commission.

“The board of directors are hereby authorised, subject to the approval of the relevant regulatory authorities, to raise additional capital through the issuance of up to N10bn ordinary shares of 50 kobo each at 50 kobo per share either by way of public offer, special placement or rights issue and/or up to 10 million preference shares of 1,000 each at N500 per share,” the company said.

The shareholders also resolved that “the authorised share capital of the company be and is hereby increased from 10 billion to 20 billion by the creation and addition of 10 billion ordinary shares of 50 kobo each, such new shares to rank pari passu in all respects with the existing ordinary shares in the capital of the company.”

The shareholders approved the creation of 10 million preference shares of 1,000 each at N500 per share and in multiples of 1,000 shares thereafter be created.

Part of the resolution was that “the board of directors be and are hereby authorised to exercise all the powers of the company to modify and/or conclude the terms of the public offer, special placement or rights issue, seek approvals from the relevant regulatory authorities, appoint professional parties and advisers, and finalise and execute all agreements or documents.

The board was authorised to do all such acts and deeds which it, in its absolute discretion, might deem necessary and expedient for the purpose of the public offer, special placement or rights issue or preference shares “without being required to seek further consent or approval of members of the company or otherwise to the end and intent that they shall be deemed to have given approval thereto expressly by the authority of the resolution.”