Shareholders Approve’s Wapic Insurance Plan For Fresh Capital


Shareholders of Wapic Insurance Plc on Friday August 16, 2019 unanimously approved the board of directors’ request to raise additional capital of up to N10 Billion or its equivalent in any foreign currency, whether by way of rights issue, public offering, placing, book building process or other methods or combination of methods.

This includes the authorization to determine the terms on which such shares of the company are issued and pursuant to the provision of section 120 and section 121 of the Companies And Allied Matters Act (CAMA) Cap 201 laws of the Federation of Nigeria 2004 that the directors be and are hereby authorized to if need be issue such shares either at a premium or a discount.

Provided that where a discounted price results in the shares being issued at a price that is below the par value up to a maximum discounts of 25 percent, the company be and is hereby authorized to issue such shares at the stated discount on such terms and conditions as the board of directors may deem fit, subject to obtaining the approval of relevant regulatory authorities.

The approval was granted at an Extra Ordinary General Meeting (EGM) in Lagos. Commenting on some shareholders concerns about the plan to raise fresh capital, chairman of the company Aig Imoukhuede, explained that the company will be going for the option of Right Issue and urged all shareholders to pick up their rights.

While commending shareholders, he said concerns about the approach to recapitalized the company are well noted. Pointing out that, in view of the June 2020 deadline given by the National Insurance Commission (NAICOM), the need of urgency cannot be over emphasized. The other special business of the day that got approval had to do with authorizing the board and management to appoint professional parties and advisers and execute all documents that had to do with the recapitalization plan. Its share price is currently selling at 35 kobo as at Friday August 16, 2019.


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