Lagos, Feb. 15, 2024: The Board of Directors of Cadbury Nigeria Plc has decided to increase the company’s share capital from N939.101 million to N1.14 billion.
Mr Fola Akande, the Company’s Secretary stated in a notification of the company’s Extraordinary General Meeting(EGM) resolutions held on Feb.8 and sent to the Nigerian Exchange Ltd (NGX) on Wednesday in Lagos.
Akande said that this would be done by the creation of 402,082,657 ordinary shares of 50 kobo each.
He explained that such shares to rank pari passu in all respects with the existing ordinary shares in the capital of the company.
The company secretary stated that the firm has also converted its intercompany loan of US$7.72 million(N7.04 billion) it owed Cadbury Schweppes Overseas Ltd., into equity.
Akande noted that the converted equity is by the allotment of 402,082,657 ordinary shares of 50 kobo each to Cadbury Schweppes Overseas.
He said that each share to rank pari passu in all respects with the existing ordinary shares in the capital of the company at the price of N17.50 per share.
According to him, this is being the share price of the company as at close of trading on Dec. 27, 2023 to be approved.
“The shares created be allotted in accordance with resolution one above and the Directors are authorised to take all steps necessary or incidental to effecting the increase.
“The company’s Board of Directors are authorised to take all such lawful steps to pass all requisite resolutions.
“They also do all such other lawful acts and/or things as may be necessary, incidental, supplemental, consequential to giving effect to the resolutions above.
“This includes listing the new shares on the stock exchange and all prior lawful steps taken by the directors are hereby ratified,” he said.
According to Akande, resolutions 8a and b passed at the Annual General Meeting of the Company on June 15, 2022 was erroneously passed and be corrected.
He said that in compliance with the requirements of Section 124 of the Companies and Allied Matters Act and the Companies Regulation, 869,625,840 ordinary shares in the unissued share capital of the company as at June 15,2022 be cancelled.
The company’s secretary stated that the share capital of the company following the cancellation is N939,100,981 comprising
1,778,201,962 ordinary shares of 50k each.
He said “The records of the company at the Corporate Affairs Commission be updated to reflect the correct share capital.
“Also, the relevant clauses of these Memorandum of Association of the company be amended as necessary
to reflect the new share capital of the Company following the correction above and the increase in share capital in two above.
