Linkage Assurance Plc has secured the approval of its shareholders to increase the authorized share capital of the company from N7.5 billion to N15 billion by the creation of additional 30,000,000,000 billion ordinary shares at 50 kobos each.
This is to enable the general business insurer to meet the new minimum capital requirement set for insurance companies in the industry and position it for bigger ticket risks in the market.
Directors of the company at an Extra-Ordinary General Meeting held in Lagos also secured the approval of the shareholders to raise additional equity capital up to the maximum limit of the authorized share capital, whether by way of special placement or public offer, rights issue or other methods or 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 the company and subject to the approval of the regulatory authorities.
Chairman of the company, Joshua Fumudoh, addressing shareholders at the meeting said: “The new share capital regime provides a unique opportunity for the company to strategically position itself as a key market leader.”
Fumudoh, therefore, assured the shareholders, that the Board and Management will utilize the additional equity capital to expand, grow the business and ensure consistent returns on investment to shareholders.
Daniel Braie, MD/CEO, Linkage Assurance Plc said the board has quite a number of options to recapitalize the company, but assured that any decision that will be taken at the end will be in the overall interest of the shareholders.