CWG Plc shareholders has okayed the company plan to reduce its share capital, the approval was given at an Extraordinary General Meeting (EGM), held on December 20th, 2022, in Lagos. The following are the highlights of the resolutions which was duly considered and passed.
Share Capital Reduction a. “That pursuant to Section 131 and other applicable provisions, if any, of the Companies and Allied Matters Act (CAMA 2020), and Section 13 of the Companies Regulations 2021, the Authorized Share Capital of the Company be and is hereby reduced from N1,750,000,000 ordinary shares divided into 3,500,000,000 shares of N0.50k each to N1,262,413,179.50 divided into 2,524,826,359 ordinary shares of N0.50k each by the cancellation of the Company’s unissued share capital of 975,173,641 (Nine Hundred and Seventy-five million, One Hundred and Seventy-three Thousand, Six Hundred and Forty-One) unissued ordinary shares of N0.50kobo each”.
“That pursuant to Section 124 of CAMA 2020, the Company be and is hereby authorized to take all steps necessary to amend Clause 6 of the Memorandum of Association of the Company to comply with resolution (a) above to read: ‘The Share Capital of the Company is N1,262,413,179.50 (One Billion, Two Hundred and Sixty Two Million, Four Hundred and Thirteen Thousand, One Hundred and Seventy Nine Naira Fifty Kobo) divided into 2,524,826,359 ordinary shares of N0.50 (fifty kobo) each”.
“That the Directors be and are hereby authorized to enter into and execute agreements, deeds, notices or any other documents, and to perform all acts and to do all such other things necessary for or incidental to giving effect to Resolution (a) above, including without limitation, appointing such professional parties, consultants and advisers and complying with the directives of the regulatory authorities”.
