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Fidelity Bank to hold extra-ordinary general meeting for private placement approval

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It appears Fidelity Bank Plc will soon hold an Extra-Ordinary General meeting of its members to seek approval for a private placement.

Freedom Post reports that in a notice to the Nigerian Exchange Limited (NGX) signed by Ezinwa Unuigboje, the Company’s Secretary, the bank said the EGM is slated to hold on September 29 and that if thought fit, would pass special resolutions.

Some of the resolutions that may be passed include; “That in furtherance of the provisions of Section 124 of the Companies and Allied Matters Act, 2020 and the Companies Regulations 2021, and pursuant to Paragraphs 9 and 10 of the Articles of Association of the Company, the Board of Directors of the Company be and is authorised to issue, by way of Private Placement, the 3,037,414,308 unissued Ordinary Shares of 50 kobo each in the share capital of the Company (being not more than 30% of the Company’s existing issued shares and paid up capital) to potential investors.

“That the Private Placement shall be carried out in conformity with applicable laws and subject to the procurement of all regulatory approvals.

“That the members in recognition of the need to ensure that the Company’s share capital is aligned with the requirements under applicable laws, hereby waive their pre-emptive rights in respect of the 3,037,414,308 unissued Ordinary Shares of 50 kobo each, to be issued by the Company by way of Private Placement.

“That the said shares issued in accordance with resolution (1) shall rank pari-passu with the Company’s existing issued shares.

“That the Board of Directors be and is authorised to perform all such lawful acts as are necessary to give effect to the listed resolutions including but not limited to ensuring compliance with all regulatory procedures and requirements, obtaining all required approvals and filing within time, all regulatory returns in relation to the above resolutions.”

Freedom Post had reported that Fidelity Bank Plc posted a profit after tax of N23.307 billion for its 2022 half-year results, representing a growth of 20.72% year-on-year.

In its unaudited half-year financials submitted to the Nigeria Exchange Group Limited, the Bank also made significant improvements across key performance indicators.The result is on the back of an inflationary year, where businesses and their consumers have had to deal with the rising cost of goods and services.

Market Analysis of the results indicates that the bank’s gross earnings rose by 37.87% to N154.843 billion from N112.304 billion reported in 2021, driven by a 50% growth in net interest income.

Its Profit before tax stood at N25.079 billion from N20.628 billion posted in 2021, representing a growth of 21.57%, while interest and similar income using the effective interest rate method rose by 48.45% from N85.090 billion recorded in the first quarter (Q1) of 2021 to N 126.348 billion in the period under review.

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