The shareholders of Champion Breweries Plc approved the allocation of 559,249,714 unallocated and unissued ordinary shares of 0.50 kobo per share from the company’s authorised share capital proposed by the Board of Directors.
The approval was disclosed in a statement by the shareholder in a special resolution at the company’s 48th Annual General Meeting (AGM) held in Lagos filed with NGX.
According to the company, the shares would be distributed to shareholders listed in the company’s Register of Members as of the close of business on May 10, 2024.
Each of the seven ordinary shares held shall be allocated at a ratio of one ordinary share. The contribution shall be financed from the Company’s share premium account and the retained earnings of N519.1 million and N40.149 million respectively.
In addition, shareholders authorised the directors to take any necessary legal action required by law and regulation to implement the cancellation of these unissued shares.
The statement reads “That 559,249,714 unallocated and unissued ordinary shares of 0.50 kobo each in the authorized share capital of the Company be and are hereby allotted to shareholders whose names appear in the Register of Members of the Company as at the close of business on May 10, 2024, based on a ratio of one (1) ordinary share for every seven (7) ordinary shares held, to be financed with Five Hundred & Nineteen Million (N519,100,000.00) from the Share Premium Account of the Company and Forty Million, One Hundred Thousand Naira (N40,149,714.00) from the retained earnings of the Company.
“That upon completion of the process for the issuance of the 559,249,714-bonus share, and in compliance with Section 124 of the Companies and Allied Matters Act. No. 3 of 2020 (as amended) and the Companies Regulations 2021, the shareholders hereby approve the cancellation of the remaining 26,002,286 unissued shares of the Company and authorize the Directors to take all such lawful steps as may be required by statute and/or regulations for implementing the cancellation of the Company’s unissued shares.
“That the Directors be and are hereby authorized to take all such lawful steps, pass all requisite resolutions, and do all such other lawful acts and/or things as may be necessary for and/or incidental to giving effect to the resolution above; and all prior lawful steps taken by the Directors in the above regard be and are hereby ratified, among others.”
