1. Sterling Bank Plc is set to beef up its share capital that will further boost its financial performance.
2. Shareholders of the bank will meet at an extra-ordinary general meeting (EGM) to approve a proposal by the directors to raise fresh capital.
3. The shareholders will authorise the directors to issue up to 7,471,698,113 Ordinary shares of 50 kobo each from the company’s share capital by way of Special/Private Placing to Messrs. Silverlake Investments Limited or such other identified strategic investor at a price of N2.65 per share or such other price as the directors may determine in the interest of the company and subject to other terms and conditions and at such times as the directors may deem fit.
4. The shareholders will also, without derogation from the above, authorise that additional capital up to $200 million or its equivalent in naira be raised through any or a combination of the following: equity, global depository receipts, quasi equity, convertible loans, medium term notes, bonds and any other debt instrument (s),whether secured or unsecured, senior or subordinated by way of a public offering, rights issue, private placement either as a standalone transaction or by way of a programme, in such tranches, series or proportions.