MTN Nigeria Communications PLC (NGX: MTNN) at an Extraordinary General Meeting held on Thursday, 15 December 2022 at the Rooftop Event Hall, MTN Plaza, Falomo, Ikoyi, Lagos; Members of the Company resolved to cancel all unissued shares of the Company as follows:
i. 7,495,486,950 (Seven billion four hundred and ninety-five million four hundred and eighty-six thousand nine hundred and fifty) unissued ordinary shares of N0.02 each; and
ii. 402,590,261 (Four hundred and two million five hundred and ninety thousand two hundred and sixty-one) unissued preference shares of US$0.005 each.
It was also resolved at the meeting “That clause 6 of the Memorandum of Association of the Company be amended pursuant to the cancellation of the unissued shares by deleting the current provisions and substituting same with the following new clause 6: “That the Share Capital of the Company is N407,090,261 divided into 20,354,513,050 ordinary shares of N0.02 each.”
“That clause 6 of the Articles of Association of the Company be amended pursuant to the cancellation of the unissued shares by deleting he current provisions and substituting same with the following new clause: “The Share Capital of the Company is N407,090,261 divided into 20,354,513,050 ordinary shares of NO.02 each.”
The cancellation of the unissued shares is in compliance with section 124 of the companies and allied Matters Act (CAMA) 2020 and regulation 13 of the Companies Regulation 2021.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
