RECAPITALISATION: AIICO INSURANCE HOLDS EGM MONDAY OCTOBER 14

Babatunde Fajemirokun, MD, AIICO Insurance Plc To create 16 billion ordinary shares of 50K each In order to beat the June 30, 2020 deadline set by the sector regulator, the National Insurance Commission (NAICOM), for all insurance and reinsurance companies to recapitalise AIICO Insurance Plc has scheduled October 14 for an Extraordinary General Meeting (EGM) to get its shareholders approval to increase its capital base to N18 billion. The company, in a notice to its shareholders signed by its Company Secretary, Mr. Donald Kaku, said the meeting will consider resolutions to alter the relevant clauses of the Memorandum and Articles of Association of the Company to accommodate its new investors (Leapfrog) rights and its investment. The shareholders will also consider the increase of the authorized share capital of the company from N10 billion to N18 billion by creating 16 billion ordinary shares of 50kobo each, and also alter the capital clause of the Memorandum and Articles of Association of the Company accordingly; The meeting will also consider the authorisation of the board of directors to negotiate and enter into technical services agreement, management agreement or other similar agreement with a Related Party (as defined in the Articles of Association of the Company) or with a party that is not a Related Party for a term of one year or more on terms and conditions as the board of directors of the Company shall deem fit. The meeting will also decide to direct the Company Secretary to take all necessary steps to give effect to the aforementioned resolutions. “Holders of Securities have a right to ask questions not only at the meeting, but also in writing prior to the meeting and such questions must be submitted to the Company on or before the close of business on October 12, 2019,” the statement said.