Presco shareholders approve N250bn capital raise

Shareholders of Presco Plc at the Annual General Meeting (AGM) held on August 19, 2025 resolved that subject to obtaining the approval of the relevant regulatory authorities, the Directors of the Company should raise capital of up to N250 billion by way of Rights Issue, through the issuance of ordinary shares, on such other terms and conditions and at such time, as the Directors may deem fit or determine.

The shareholders also resolved the Board of Directors invest in and acquire directly or through its subsidiaries all or majority of the shares or assets of a company or companies in the same line of business as Presco Plc, as determined by the Board of Directors pursuant to the Business Expansion Programme.

They also approved that shares not taken up by existing shareholders within the period stipulated under the Rights Issue may be offered to shareholders of the Company that have indicated interest in purchasing additional shares not taken up by the shareholders entitled to do so in the Rights Issue, on such terms and conditions as may be determined by the Directors, subject to complying with relevant
regulatory requirements.

Among other resolutions, the shareholders authorised that the Company raises additional capital through Debt Finance or Equity raising or a combination of both and by the issue of debt instruments in such tranches, series, or proportions and at such periods or dates, coupon or interest rates and such other terms and conditions as may be determined by the Board of Directors subject to obtaining the approvals of
the relevant regulatory authorities.

The shareholders also resolved that the share capital of the Company be increased by the exact number of ordinary shares which would be required upon determination of the terms of the Rights Issue. Also, the Directors were authorised to pass resolutions for such increase, as well as to allot the new ordinary shares upon completion of the Rights Issue.

The shareholders also resolved that the Directors of the Company should apply any outstanding shareholder loan, trade payable, or any other loan facility due to any person from the Company as may be agreed by the person and the Company, towards payment for any shares subscribed for by such person under the Rights Issue.

In a related development, the shareholders approved for the dividend of N26.30 per 50 kobo share amounting to the sum of N26.3 be paid from the profit of the year ended December 31, 2023.

They also approved that a dividend of N42 per 50 kobo share amounting to the sum of N42 billion be paid from the profit of the year ended December 31, 2024.