• Monday, May 27, 2024
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Stanbic to seek shareholders approval for N400bn Debt Issuance Programme, Rights Issues

Stanbic to seek shareholders approval for N400bn Debt Issuance Programme, Rights Issues

At the 12th Annual General Meeting of Stanbic IBTC Holdings Plc on May 16 in Lagos, the directors of the holding company will seek approval of shareholders to establish a Debt Issuance Programme of up to N400billion or such foreign currency equivalent.

In a notice at the Nigerian Exchange Limited (NGX), Stanbic IBTC Holdings noted that the directors will be responsible for the above purpose of issuing debt securities (to include senior unsecured or secured, subordinated, convertible, preferred, equity linked or such other forms of debt obligations) by way of public offering, private placement, “additional tier one or tier two capital raising, investments, book building process or any other method, in tranches of such
amounts and at such dates, coupon or interest rates and upon such terms and conditions as may be determined by the Directors, subject to the grant of all required approvals from the relevant regulatory authorities”.

The Directors will seek approval of shareholders to enter into and execute all such agreements, deeds, notices and documents as may be necessary for or incidental to the Company’s N400 billion Programme and also appoint all such
professional parties necessary for or incidental to, the actualisation of the Programme, “including, without limitation, complying with the directives of any regulatory authority.”

In addition, the Directors will among others be seeking shareholders approval to raise additional equity capital of up to N150billion by way of a Rights Issue or offer for subscription on such terms, tranches, conditions and dates as may be determined by the Directors.