The board of directors of Linkage Assurance Plc has scheduled to meet with its shareholders on October 25 to seek approval to increase its capital base to N15 billion.
This is to enable the company meet the June 30, 2020 deadline set by the sector regulator, the National Insurance Commission (NAICOM), for all insurance and reinsurance companies to recapitalise.
In a document sourced from the Nigerian Stock Exchange (NSE), the shareholders will consider increase of the authorised share capital of the firm from N7.5 billion to N15 billion by the creation of additional 15 billion ordinary shares of 50 kobo each.
The report further disclosed that, the shareholders will also be expected to authorise the director to raise additional equity capital for the company up to the maximum limit of the authorised share capital whether by way of special placement, public offer, rights issue or other methods or a combination of any of them either locally or internationally and upon such terms and conditions as the directors may deem fit in the interest of company and subject to the approval of regulatory authorities.
The meeting will also consider the authorisation of the board of directors to do all acts and things and to approve, sign and/or execute all documents and appoint such professional parties and advisers, seek approvals and comply with the directives of relevant regulatory authorities, perform all such other acts and to all such other things as may be necessary to give effects to above resolutions.