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Extraordinary General Meeting of INTERNATIONAL BREWERIES PLC 19
October 3, 2019
NEM INSURANCE PLC VIRTUAL ANNUAL REPORT AND NOTICE OF AGM
May 28, 2020

IBL PLC 2019 RIGHTS ISSUE

 

At the Extraordinary General Meeting ("EGM") of International Breweries PLC (the “Company”), which was duly convened and held on October 15, 2019, the Shareholders of the Company authorised the Board of Directors of the Company to raise additional capital of up to N165,000,000,000.00 (One Hundred and Sixty Five Billion Naira) (approximately US$450m) by way of a Rights Issue to the existing Shareholders of the Company on the Qualification Date (the “Shareholders”), at such price, time and on such terms as the Directors of the Company may deem fit, subject to the Company obtaining all requisite regulatory approvals.

Following the Shareholders’ authorisation to raise capital and in line with the Company's corporate strategy, I am delighted to inform you that the Board of Directors - at its Board meeting, which was held on October 15, 2019 - approved the issuance of 18,266,206,614 Ordinary Shares of 50 kobo each by way of a Rights Issue to the Shareholders on the basis of 17 new Ordinary Shares for every 8 Ordinary Shares held as at the Qualification Date at a price of N9.00 per share. Requisite approvals will be sought and obtained from the Securities & Exchange Commission and The Nigerian Stock Exchange for the registration and subsequent listing of the shares now being issued. The purpose of this letter is to set out the strategic rationale for the Rights Issue and outline the Board of Directors’ view that the transaction is in the best interest of International Breweries PLC and its Shareholders.

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