LivingTrust Mortgage Bank Plans to Raise Fresh Capital
Shareholders of LivingTrust Mortgage Bank Plc have authorised its directors to raise fresh capital, according to resolution passed at its annual general meeting.
According to the Mortgage lender resolutions submitted to the regulator, LivingTrust voted that its directors should raise capital whether by way of private placement, special placing, an offer for subscription, rights issue, or other methods or combination of methods.
The decision include additional capital raise by way of issuance of ordinary shares, preference shares, mergers and acquisition, convertible or non-convertible loans, stocks, medium term notes, bonds or other securities,.
This is expected to be conducted in such tranches, series or proportions, at such coupons or interest rates within such maturity period and on such terms and conditions, including the provision of security for repayment, as the Directors may deem fit or determine, subject to obtaining the requisite regulatory approvals. READ:Federal Mortgage Bank seeks N500bn recapitalisation fund
The company said over 92% voted in favour of authorizing the directors to use the proceeds of the capital raise to recapitalize the Bank and obtain a Regional Commercial Banking License or a National Mortgage Banking License from the Central Bank of Nigeria, depending on the outcome of the capital raise;
Shareholders also voted in favour of authorizing the Directors to create additional shares in addition to the unissued shares and issue same to new investors in equity participation and existing shareholders participating in the equity capital raise, and to file necessary returns at the Corporate Affairs Commission.
# LivingTrust Mortgage Bank Plans to Raise Fresh Capital#
