Board of LivingTrust Mortgage Bank Plc authorize Directors to raise additional capital

The board members of LivingTrust Mortgage Bank Plc. passed certain resolutions at its Extra-Ordinary General Meeting which was held on October 25, 2021 at 11am.

This was disclosed in a notice signed by the company’s secretary and filed with the Nigerian Exchange (NGX). proposed and passed the following resolutions:

The purpose of the meeting was to deliberate and give authorisation to the directors to raise additional capital for the company. At the end of the meeting, the Directors were authorized to raise capital whether by way of rights issue, an offer for subscription, or other methods or combination of methods, based on the discretion of the directors and subject to obtaining the requisite regulatory approvals.

Other resolutions passed at the extra-ordinary general meeting include:

  • Directors have been authorized to enter into and execute the agreements and all other requisite documents related to, connected with and incidental to implementing the resolution to raise capital, including without limitation, complying with the directives of any regulatory authority.
  • Following allotment by the Board of Directors, the new shares issued by the Company pursuant to the Rights Issue be listed with the Nigerian Exchange Group;
  • That the Directors be authorized to appoint such professional parties and advisers, as may be necessary for or incidental to effecting the above resolutions and that all acts carried out by the Directors and/or management of the Company in connection with the above are approved and ratified;
  • Directors are authorized to use the proceeds of the capital raise to recapitalize the Bank and obtain a National Mortgage Banking License from the Central Bank of Nigeria.

Leave a Reply

Your email address will not be published. Required fields are marked *