In a notice of the meeting sent to shareholders, Otedola was
listed as a substantial shareholder with 5.57 per cent of the total
shareholdings, translating to 10,000,000 units of shares directly held and
1,989,342,376 units of shares held indirectly under Calvados Global Limited as
of June 30, 2023.
Similarly the group is seeking shareholders’ approval to
raise additional capital at the group’s Annual General Meeting (AGM) scheduled
for August 15, 2023.
The capital raise transaction shall be by way of a Rights
Issue, on such terms and conditions and on such dates as may be determined by
the Directors, subject to obtaining the approvals of the relevant regulatory
authorities.
“That the Rights Issue referred to in Resolution may be
underwritten on such terms as may be determined by the Directors, subject to
obtaining the approvals of the relevant regulatory authorities. That the
shareholders, under Resolution, will waive their preemptive rights to any
unsubscribed shares under the Rights Issue in the event of an
under-subscription.
“That the Directors be authorized to appoint such
professional parties and advisers and to perform all such other acts and do all
such other things as may be necessary to give effect to the above resolutions,
including without limitation, complying with the directives of any regulatory
authority.