NOTICE IS HEREBY GIVEN that the 39th (Thirty-Ninth) Annual General Meeting of LASACO Assurance Plc will be held at Oriental Hotel, Victoria Island, Lagos Island, Lagos on Tuesday, 8th October 2019 at 11:00 am for the following purposes:
2. To declare a Dividend.
3. To elect/re-elect Directors.
4. To authorize the Directors to fix the remuneration of the External Auditors; BDO Professional Services, who has been appointed as Company’s External Auditors in place of Doyin Owolabi & Co who retired as Company’s Auditors having served the statutory (5) five years as stipulated by the National Insurance Commission’s ( NAICOM) Code.
5. To elect members of the Audit Committee.
6. To fix the Directors fees.
7. To Reconstruct the existing Shares of 7,334,344 Ordinary Shares. One new share for every four (4) Shares previously held.
8. That the Directors be authorized to appoint all necessary parties and to do all such acts and things to give effect to the share capital reconstruction exercise.
9. Special /Private Placement
i. That the Board of directors be and are hereby authorized subject to the approval of the relevant Regulatory Authorities to raise additional capital through the issuance of up to 9,250,000,000 Ordinary shares of N0.50k each at N1.20k per share by way of Special/private placement.
That the shares proposed to be issued pursuant to the above resolution and the rights attaching thereto shall rank parri-passu with ordinary shares held by the existing members of the Company.
iii. That the sum of N2,749,379,000 representing the surplus nominal value of the reconstructed shares be transferred into the Share Reserve Account and form part of the Shareholders Funds of the Company.
iv That the reconstructed 1,833,586,000 Ordinary Shares of 50k each, be revalued in accordance with the ratio of reconstruction, subject to appropriate regulatory consent and be listed on the Nigerian Stock Exchange.
That the Board of Directors be authorized to exercise all the powers of the Company to modify and or conclude the terms of the Special/Private Placement, seek approvals from the relevant regulatory authorities, appoint professional parties and advisers, finalize and execute all agreements or documents and to do all such acts and deeds which the Board of Directors in its absolute discretion may deem necessary and expedient for the purpose of the Special /Private Placement without being required to seek further consent or approval of members of the Company or otherwise to the end and intent that they shall be deemed to have given approval thereto expressly by the authority of this resolution.
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