Sovereign Trust Insurance holds AGM, eyes N7.5bn share capital

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Chuks Udo Okonta

Sovereign Trust Insurance Plc will on Thursday, September 21, 2017, hold its 22nd Annual General Meeting (AGM).

A statement by the firm’s Head of Corporate Communications & Brand Management Segun Bankole, noted that the company has been granted approvals for its 2016 Annual Report and Accounts by the various Regulatory Authorities, adding that the meeting will take place at the Grand Banquet Hall, Civic Centre, Victoria Island Lagos, at 11:00am.

According to him, under the Ordinary Business, the Meeting will consider the Audited Financial Statements for the year ended December 31, 2016, as well as the Reports of the Directors and the Audit Committee. The agenda also include re-election of Directors who are still eligible and at the same time authorize the Directors to fix the remuneration of the Auditors while the Shareholders will elect their representatives that will serve on the Audit Committee.

The Special Business will focus on increasing the authorized share capital of the company from N5.5 billion to N7.5 billion by the creation of 4,000,000,000 (four billion) ordinary shares of 50 kobo each ranking pari passu in all respects with the existing ordinary shares of the company.

The meeting will also authorize the Directors to raise additional equity capital for the company up to the maximum limit of the authorized share capital, whether by way of Special Placement, Public Offer or Rights Issue or a combination of any one of them, either locally or internationally.

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