• Saturday, April 20, 2024
businessday logo

BusinessDay

Cadbury gets shareholders nod to convert intercompany loan of $7.718mn to equity

Cadbury gets shareholders nod to convert intercompany loan of $7.718mn to equity

The shareholders of Cadbury Nigeria Plc at the Extraordinary General Meeting of the Company duly resolved to convert the Company’s intercompany loan of $7.718million to N7.036billion owed by the Company to Cadbury Schweppes Overseas Limited (Cadbury Schweppes Overseas) into equity by the allotment of 402,082,657 ordinary shares of 50 kobo each to Cadbury Schweppes Overseas.

Each share will rank pari passu in all respects with the existing ordinary shares in the capital of the Company, at the price of N17.50 per share, being the share price of the Company as at close of trading on December 27, 2023.

The shareholders also authorised the Board of Directors to take all such lawful steps, to pass all requisite resolutions and do all such other lawful acts and/or things as may be necessary, incidental, supplemental, consequential to giving effect to the resolutions above including listing the new shares on the stock exchange.

The shareholders also authorised that the Company’s share capital be increased from N939.100million to N1.140billion by the creation of 402,082,657 ordinary shares of 50 kobo each, such shares to rank pari passu in all respects with the existing Ordinary Shares in the Capital of the Company and the shares created be allotted in accordance with the first resolution above, while also authorising the Directors to take all steps necessary or incidental to effecting the increase.