The board of Abbey Mortgage Bank Plc has been given the approval to raise additional capital aimed at helping the company achieve its next phase, which is centred on delivering seamless and digitally driven banking experiences that eliminate the traditional barriers to premier financial services.
At the 34th Annual General Meeting (AGM) of the lender on Monday, investors authorised the raising of up to N100 billion through an offer by way of issuance of shares (whether by rights issue and/or public offer), global depository receipts, commercial papers, loans, convertibles or non-convertibles, medium term notes, bonds, and/or any other instruments either as a stand-alone or by way of programmes, in such tranches, series or proportions, at such coupon or interest rates, within such maturity periods, and on such terms and conditions; including through book building process or such other processes all of which shall be as determined by the directors, subject to obtaining the approvals of relevant regulatory authorities.
The directors were also allowed to raise fresh equity capital of up to N65.547 billion by way of private placement of 26,562,647,265 ordinary shares of 50 Kobo each at N2.43 per share, subject to regulatory approvals.
In addition, shareholders approved the increase in the company’s issued share capital from N5,076,923,077 divided into 10,153,846,154 of 50 Kobo each to N18,358,246,709.50 by the creation of up to 26,562,647,265 ordinary shares of 50 Kobo each, such new shares to rank pari passu in all respects with the existing ordinary shares in the capital of the bank.
Addressing investors at the meeting, the chief executive of Abbey Mortgage Bank, Mr Mobolaji Adewumi, said, “Shaping the future means building a resilient institution that is as agile as it is reliable, while ensuring that every stakeholder benefits meaningfully from our growth and expansion.”
The company’s leadership also highlighted its strategic progress and strong corporate governance culture that positions the institution to deliver broader financial services and enhanced customer experiences.
The meeting also provided an opportunity to appreciate shareholders for their continued confidence, loyalty, and support, which have remained instrumental to its growth journey over the years.
