DEAP CAPITAL MANAGEMENT & TRUST PLC 11TH ANNUAL GENERAL MEETING RESOLUTIONS HELD ON THURSDAY, OCTOBER 3RD 2024
RESOLUTIONS PASSED AT THE 11TH AGM:
A. Ordinary Business:
1. Approval of Accounts (2013-2023):
Financial statements for the fiscal years ending in September from 2013 to 2023 were presented and approved.
2. Re-election of Directors: Mr. Joel Omole and Dr. Joseph Asaolu were re-elected as directors through unanimous shareholder votes.
3. Remuneration of External Auditors:
The directors were authorized to set the auditors' remuneration for the years 2013 to 2023, as per section 408(1)b of CAMA 2020.
4. Election of Shareholders to the Statutory Audit Committee:
Shareholders Elected:
1. Mr. Samuel Adedoyin
2. Mr. Tomori Abioye
3. Mr. Olugbousun Banji
Directors Representing the Board:
1. Mr. Edmond Ani
2. Dr. Joseph Asaolu
5. Management Remuneration Disclosure: The management’s remuneration, found on page 443 of the annual report, was disclosed in accordance with section 257 of CAMA 2020.
B. Special Business:
1. Non-executive Director Fees: Fixed at ₦500,000 for each non-executive director and ₦750,000 for the chairman, effective September 1, 2024.
2. Conversion of Debt to Equity: Approval for the conversion of a ₦2.525 billion debt owed to non-bank creditors into ordinary shares of 50 kobo each at ₦1.69 per share. This was based on resolutions from a Creditors' Meeting held on August 20, 2024.
3. Issuance of New Shares: The directors were authorized to issue and allot 1,499,340,000 ordinary shares of 50 kobo each. These shares will rank equally with existing shares.
4. Authorization of Directors to Implement Resolutions: Directors were granted authority to implement the resolutions after obtaining the necessary regulatory approvals.
5. Raising Additional Capital: Approval to raise additional capital through various instruments, such as public offerings, private placements, bonds, or medium-term notes. The terms, rates, and conditions will be determined by the board, subject to regulatory approval.
Board of Directors:
Chairman: Dr. Kenneth Olise
Vice Chairman: Mr. Edmund Ani
Executive Director: Mr. Tony Adigwe
This summarizes the key actions and resolutions discussed during the AGM of Deap Capital Management & Trust Plc held on October 3, 2024.
RESOLUTIONS PASSED AT THE 11TH AGM:
A. Ordinary Business:
1. Approval of Accounts (2013-2023):
Financial statements for the fiscal years ending in September from 2013 to 2023 were presented and approved.
2. Re-election of Directors: Mr. Joel Omole and Dr. Joseph Asaolu were re-elected as directors through unanimous shareholder votes.
3. Remuneration of External Auditors:
The directors were authorized to set the auditors' remuneration for the years 2013 to 2023, as per section 408(1)b of CAMA 2020.
4. Election of Shareholders to the Statutory Audit Committee:
Shareholders Elected:
1. Mr. Samuel Adedoyin
2. Mr. Tomori Abioye
3. Mr. Olugbousun Banji
Directors Representing the Board:
1. Mr. Edmond Ani
2. Dr. Joseph Asaolu
5. Management Remuneration Disclosure: The management’s remuneration, found on page 443 of the annual report, was disclosed in accordance with section 257 of CAMA 2020.
B. Special Business:
1. Non-executive Director Fees: Fixed at ₦500,000 for each non-executive director and ₦750,000 for the chairman, effective September 1, 2024.
2. Conversion of Debt to Equity: Approval for the conversion of a ₦2.525 billion debt owed to non-bank creditors into ordinary shares of 50 kobo each at ₦1.69 per share. This was based on resolutions from a Creditors' Meeting held on August 20, 2024.
3. Issuance of New Shares: The directors were authorized to issue and allot 1,499,340,000 ordinary shares of 50 kobo each. These shares will rank equally with existing shares.
4. Authorization of Directors to Implement Resolutions: Directors were granted authority to implement the resolutions after obtaining the necessary regulatory approvals.
5. Raising Additional Capital: Approval to raise additional capital through various instruments, such as public offerings, private placements, bonds, or medium-term notes. The terms, rates, and conditions will be determined by the board, subject to regulatory approval.
Board of Directors:
Chairman: Dr. Kenneth Olise
Vice Chairman: Mr. Edmund Ani
Executive Director: Mr. Tony Adigwe
This summarizes the key actions and resolutions discussed during the AGM of Deap Capital Management & Trust Plc held on October 3, 2024.