Multi-Trex Shareholders Approve N4.25bn Capital Restructuring Plan
Shareholders of Multi-Trex Plc have approved a major investment and capital restructuring plan that will see N-Foods Universal Concept Limited inject N4.25bn into the company and receive 6.16 billion units of newly created ordinary shares upon completion of regulatory approvals.
The resolutions were passed as part of the special business at the company’s Annual General Meeting (AGM), where investors endorsed a multi-step plan designed to strengthen the company’s capital base, update its governance framework, and onboard N-Foods as a new strategic shareholder.
Under the approved arrangement, N-Foods Universal Concept Limited is expected to pay the outstanding investment sum of N4,250,000,000 to the Asset Management Corporation of Nigeria (AMCON) on behalf of Multi-Trex, after which the company will seek approval from the Securities and Exchange Commission (SEC), the Nigerian Exchange Limited (NGX), and other regulators to issue 6,159,420,289 ordinary shares of 50 kobo each at 69 kobo per share to the investor.
Following regulatory clearance, the company will increase its share capital through the creation of the same number of new ordinary shares, which will then be registered with the Corporate Affairs Commission (CAC). The newly created shares will subsequently be allotted to N-Foods Universal Concept Limited, as approved by shareholders.
In addition, the AGM authorised the company to embark on a pro rata share capital reduction under a Capital Reconstruction Scheme.
The ratio of existing shares to new shares will be determined from the company’s financial statements at the point of applying for regulatory approval.
Advertisement
Shareholders also voted in favour of a comprehensive amendment to the Articles of Association in line with the Business Facilitation (Miscellaneous Provisions) Act 2022.
A key change empowers the company to hold general meetings either physically or virtually, with shareholders participating electronically deemed present for quorum and voting purposes. Physical meetings, when applicable, will continue to be held within Nigeria.
The meeting further approved remuneration for the company’s non-executive directors as part of the special business.
The Board and the Company Secretary were given broad authority to take all necessary procedural and regulatory steps, appoint professional advisers, and engage with relevant authorities to ensure the smooth onboarding of N-Foods Universal Concept Limited as a shareholder and the full execution of the approved resolutions.
