Thursday, September 21, 2017, has been set as the date to hold the 22nd Annual General Meeting of one of Nigeria’s leading Insurance Company, Sovereign Trust Insurance Plc, having been granted approvals for its 2016 Annual Report and Accounts by the various Regulatory Authorities.
Under the Ordinary Business, The Meeting will consider the Audited Financial Statements for the year ended December 31, 2016, as well as the Reports of the Directors and the Audit Committee. The agenda also include re-election of Directors who are still eligible and at the same time authorize the Directors to fix the remuneration of the Auditors while the Shareholders will elect their representatives that will serve on the Audit Committee.
The Special Business will focus on increasing the authorized share capital of the company from N5.5b to N7.5b by the creation of 4,000,000,000 (four billion) ordinary shares of 50 kobo each ranking pari passu in all respects with the existing ordinary shares of the company.
The meeting will also authorize the Directors to raise additional equity capital for the company up to the maximum limit of the authorized share capital, whether by way of Special Placement, Public Offer or Rights Issue or a combination of any one of them, either locally or internationally. Sovereign Trust Insurance Plc is a wholly owned Nigerian company.