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AXA Mansard Gets Regulatory Approval for Share Capital Increase, Declares Bonus Issue
AXA Mansard Insurance Plc, has secured regulatory approval to Increase Share Capital. Consequently the company at its recent Extraordinary General Meeting (EGM) declared bonus issue to its shareholders’, The bonus issue the company said, would enable it increase its shares capital from N5.25 billion to N18.0 billion .The company consequently increased the number of outstanding shares from 10.5 billion to 36.0 billion.
This increased number of outstanding shares is expected to lead to increased share register management cost, impact per-share metrics, and possible wide-ranging implications on future capital raising exercises.
The Chief Finance Officer of the company, Mrs. Ngozi Ola-Israel, said to manage the impact of the bonus share issuance, the company had implemented the second phase of the 2020 approved scheme after receiving the final sets of regulatory approvals which was a capital reconstruction through par value re-domination.
She said this had led to an increase in the nominal value of shares from N0.50 to N2.00 per share and consequently, reduced the number of outstanding shares from 36 billion units to 9 billion units whilst maintaining the existing shareholding structure.
According to Ola-Israel, the share reconstruction was completed on 27th September 2021 and the reconstructed shares had been credited to each shareholder’s account.
“All shares continue to rank equally in all respects and continue to form a single class of ordinary issued shares of AXA Mansard.We strive to provide shareholders with the best possible return on their investment while also ensuring that we fully optimise the number of shares in stock.
She said the reconstruction done maintained the existing shareholding structure as well as the shareholder value of each of the company’s esteemed shareholders.
Also, speaking, the Chief Executive Officer, of the company, Kunle Ahmed said, “We are grateful for the continuous support of our shareholders during this process. We assure you of our dedication to the company’s continued growth and profitability through the continual delivery of exceptional services to our customers. The fundamentals of the business remain extremely strong with an enviable financial capacity that supports our growth ambitions.”