Felix Omoh-Asun in Benin
Shareholders of Austin Laz and Company Plc, have authorised the Board of Directors to raise additional capital of N2.1billion or equivalent through private placement.
The shareholders said all the terms and conditions for the raising of the capital are subject to the determination of the directors, and should also either be through business combination, merger or hybrid. The shareholders gave the directors the nod at an extraordinary general meeting held at the corporate Headquarters of the company in Benin City.
Under the resolutions the shareholders who unanimously voted in favour of the decision empowered the directors to use the unissued shares capital of the company to issue the new shares.
Speaking after the resolutions, Chairman, Board of Directors of the company, Mr Christopher Itua described the authorisation as laudable, noting that the raising of the share capital would make the company one of the best in the country.
On his part, Managing Director/Chief Executive Officer of the company, Dr Austin Lazarus Asimonye, described the resolutions as a step in the right direction that would turn the company around for the better.
According to him, the Extraordinary General Meeting of today is meant to authorize the board to use the capital for an investment/merger. The capital is for the company to buy into another flourishing business.
“We are very hopeful that the company is going to turn around greatly, which will bring joy to the investors, to the shareholders, and to the country at large,” he added