First Bank Holding Plc has announced the appointment of billionaire investor, Mr Femi Otedola as Non-Executive Director subject to the approval of its shareholders at the upcoming Annual General Meeting (AGM) scheduled for August 15, 2023.
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.
