LASACO To Seek Shareholders’ Approval For N25bn Capital Raise
LASACO Assurance Plc has announced that it will hold an Extraordinary General Meeting (EGM) to seek shareholders’ approval for a proposed N25bn capital raise aimed at strengthening the company’s financial position and supporting future business expansion.
The meeting will be held virtually via YouTube Live, in line with prevailing corporate governance and digital participation standards.
According to the notice of meeting to the NGX seen by THE WHISTLER, shareholders will consider and vote on a series of special resolutions enabling the company to raise additional capital through a combination of Private Placement and Rights Issue.
The proposed capital injection will increase LASACO’s minimum share capital from N11.08bn to N36.08bn, reflecting a substantial boost to its capital base.
The company disclosed that all shares to be issued under the Rights Issue and Private Placement will rank pari passu with existing ordinary shares, ensuring equal rights and privileges for all shareholders once the issuance is completed.
As part of the agenda, shareholders will also deliberate on amendments to the company’s Memorandum and Articles of Association to reflect the revised minimum share capital.
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The board of directors will be empowered to finalize and modify the terms and conditions of the capital raise, as well as seek necessary regulatory approvals from relevant authorities, including the Securities and Exchange Commission and the Corporate Affairs Commission.
Additionally, the resolutions authorize the board to appoint professional parties and advisers to facilitate the execution of all agreements and documentation required for the capital-raising exercise.
The Company Secretary is also mandated to undertake all statutory filings and actions necessary to give full effect to decisions reached at the EGM.
LASACO Assurance noted that the proposed capital enhancement is part of its strategic plan to reinforce balance sheet strength, improve underwriting capacity, and position the company for sustained growth in the evolving insurance landscape.
