Omatek Ventures plans to allot 4,058,210,528 unissued shares

Omatek Ventures Plc’s shareholders have authorized the board to fundraise by allocating the company’s unissued 4,058,210,528 ordinary shares in whatever way they see suitable.

The endorsement was made at Omatek Ventures’ 12th and 13th Annual General Meetings, which were held in Lagos. The shareholders observed that increasing the company’s capital base by allocating unissued shares will benefit them.

The capital raise could be accomplished through a rights issue, public offering, private placement, issuance of other capital or money market instruments, conversion of debt to equity, book building, and/or other securities they may deem appropriate for the purpose, according to a notice outlining the AGM resolutions.

Recall that after the passing of the company’s founder, Mrs. Florence Seriki, the shareholders recently complained that the board of Omatek Venture had been unable to overhaul the business and put it back on the path to profitability.

Moses Igbrude, the chairman of Issuers and Investors Alternative Dispute Resolution (IIADRI), responded to this development, saying:

“We know the efforts the woman put in place to grow the company before her unfortunate death. However, as a quoted company, the death of the founder should not be the end of the company.”

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Mrs. Seriki was one of Nigeria’s pioneers and top indigenous Original Equipment Manufacturers (OEM) who specialized in the production of computers and other ICT-related products until her death on March 3, 2017, at the Lagos University Teaching Hospital (LUTH).

Other AGM resolutions: At the AGM, Mr. Temidayo was chosen by the shareholders to serve as a director of the business. A few additional retired directors who ran for election were chosen. Additionally, the resignations of Professor Ayodele Ogunye and Otunba Dr. S. A. Oladunni were authorized. The company’s audit committee was expanded with new members.

Source: nairametrics.com