African Alliance Insurance Holds 52nd AGM November 25
African Alliance Insurance Plc has concluded plans to hold its 52nd Annual General Meeting on November 25, 2021.
The AGM, according to the notice signed and issued by the Company Secretary, Anthonia Udeh (Mrs.), will take place at Westwood Hotel, Ikoyi, Lagos State at10am prompt to transact the following business:
The businesses to be transacted under Ordinary Business during the AGM include to lay the Audited Financial Statements for the year ended December 31, 2020 together with the Reports of the Directors, Independent Auditors and Statutory Audit Committee thereon; To elect/re-elect directors; To authorise Directors to fix the remuneration of the External Auditors of the Company; To elect members of the Statutory Audit Committee and To disclose the remuneration of Managers of the Company;
Under Special Business, the following will be treated during the AGM: To fix the remuneration of Directors; To approve the payment of the severance package of ex-directors; To consider and if thought fit, pass the following as resolutions of the Company as explained in Note 6: “That further to Members’ approval at the Annual General Meeting of the Company held on 27th October 2020 authorizing the Board of Directors to dispose of the Company’s assets to meet the new capital requirement set by the National Insurance Commission (NAICOM).
Others are To ratify the sale of the Company’s 539,000,000 (Five Hundred and Thirty-Nine Million) units of ordinary shares representing 49% equity stake in Pensions Alliance Limited (PAL) at the price of N16.6 billion naira to Conau Trade and Investment Co. Limited; To ratify the repurchase of the Company’s 539,000,000 (Five Hundred and Thirty-Nine Million) units of ordinary shares representing 49% equity stake in Pensions Alliance Limited (PAL) from Conau Trade and Investment Co. Limited at the price of N18.6 billion naira using cash, the Company’s shareholding in Universal Insurance Plc and the property at 29 A & B Akin Adesola Street, Victoria Island, Lagos State.
