The shareholders of Notore Chemical Industries Plc (NSE ticker: NOTORE) at its 6th annual General Meeting resolved that, the Authorized Share Capital of the company be doubled from N1 billion to N2 billion by the creation and addition of two billion (2,000,000,000) ordinary shares of 50kobo each.
According to the Corporate Action disclosure sent to the Nigerian Stock Exchange, (NSE) signed by Otivbo Saleh, Group Chief Legal Officer/Company Secretary the AGM was held by Proxy on Monday, 17th August, 2020 at 11:00am at 6th Floor, Keystone Bank Building, 1, Keystone Bank Crescent, off Adeyemo Alakija Street, Victoria Island, Lagos.
“The additional shares will rank pari pasu in all respects with the existing shares in the capital of the Company” the disclosure stated.
The company’s memorandum of association will be amended to reflect the new Authorised Share Capital of the company – N2 billion divided into 4,000,000,000 (four billion) ordinary shares of 50kobo each.
Also at the AGM, it was resolved that the company will raise, whether by way of a public offering, special placement, rights issue or any other method(s) or combination of methods as the Board may deem fit, additional capital of up to N30 billion through the issuance of shares, convertible or non-convertible securities, loan notes, bonds and/or any other instruments, whether as a standalone transaction or under a programme, and in such tranches and on such terms and conditions, including a book building or other process, as may be determined by the Board of Directors.
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Other resolutions passed at the AGM include the approval of the audited financial statements of the company and of the group for the year ended 30th September 2019, together with the reports of the directors, auditors and statutory audit committee.
Ikeme Osakwe, Hassan Badrawi and Mike Jansa were re-elected as directors also PricewaterhouseCoopers (“PwC”) was reappointed as the company’s eternal auditors.
Brief History of NOTORE
2005 – O’Secul Fertilizer Limited acquired the core assets of National Fertilization Company of Nigeria (NAFCON).
Assets of NAFCON acquired by O’Secul include – Onne fertilizer plant, the Onne power plant, existing infrastructure at the Onne industrial complex (including the Notore port and gas supply infrastructure and pipelines).
2005: O’Secul changes its name to Notore Chemical Industries Limited.
2005 to 2010 – Rehabilitation of the 500,000 metric tonne urea plant.
2010 first quarter – commercial operations commenced.
2 August 2018 – NOTORE listed on NSE at a price of N62.50 per share.
The principal activities of the company are to manufacture, treat, process, produce, supply, and deal in nitrogenous fertilizer and all substances suited to improving the fertility of soil and water.
The share price has remained unchanged at N62.50 since the time of listing, because it does not trade the required quantity (100,000 units in a single trade) to enable a price change.
According to the data on NSE only 267 units of NOTORE has been traded since 5 August 2020.