The shareholders of Cadbury Nigeria Plc have approved the conversion of an outstanding intercompany loan of N7.03 billion ($7.71 million) owed to its principal shareholder, Cadbury Schweppes Overseas Limited, to equity.
According to a corporate filing on the Nigerian Exchange Limited (NGX) on Wednesday, the shareholders gave the approval at the extraordinary general meeting held on February 8, 2024.
Cadbury Nigeria said that it will allot 402,082,657 ordinary shares of 50 kobo each to Cadbury Schweppes Overseas in place of the debt.
The company said each share will rank “pari passu in all respects with the existing ordinary shares in the capital of the Company, at the price of ₦17.50 per share, being the share price of the Company as at close of trading on December 27 2023 be approved”.
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The stakeholders, according to the statement, also authorised the increase of the company’s share capital from N939.1 million to N1.14 billion by the issuance of 402,082,657 ordinary shares of 50 kobo each.
According to the statement, the directors are authorised to take all steps necessary steps to effect the increase.
“Board of Directors are authorised to take all such lawful steps, to pass all requisite resolutions and do all such other lawful acts and/or things as may be necessary, incidental, supplemental, consequential to
giving effect to the resolutions above including listing the new shares on the stock exchange,” Cadbury Nigeria said.
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On January 9, 2023, Cadbury Nigeria disclosed it has offered to swap the $7.7 million debt owed to Cadbury Schweppes Overseas Limited for more equity.
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