By Ngozi Onyeakusi—International Energy Insurance Plc (IEI) shareholders have approved the acquisition of 49.4% of its outstanding shares in the company by Norrenberger with a plan to cancel part of its ordinary and preference shares.
According to the company secretary, Ugochi Shine Eke, following resolutions at firms annual general meeting Tuesday,  shareholders said shares cancellation was to be effected by its directors in pursuant to Section 124 of the Companies and Allied Matters Act, 2020 and Companies Regulations, 2021.
Detail from the regulatory filing indicates that IEI shareholders’ approved the cancelation of the Company’s unissued 1,600,000,000 preference Shares of N2.50K each and 3,852,256,467 ordinary Shares of N 0.50k each.
The Insurance company stated  that  its directors have also been authorized to amend Clause E of IEI Memorandum of Association to replace the phrase “the Issued Share Capital” with the phrase “the Share Capital” and to reflect the Share Capital of the Company as N642,042,744 only divided into 1,284,085,488 ordinary Shares of N0.50 Kobo each

The acquisition of 49.4% of the Company’s shares by Norrenberger Advisory Partners Limited has been approved to be implemented by way of Mandatory Take Over at the offer price of N1.60k per share in line with the guidelines and procedure laid down by the Securities and Exchange Commission”, the statement reads.