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UACN Property Development Company Plc has formally adopted UPDC Plc as its official name, an abbreviation it has become known for for several years.
This was one of the resolutions approved by the company’s shareholders at its 23rd Annual General Meeting held on Monday April 19, 2021.
The company, in a statement by Folake Kalaro, Company Secretary/Legal Adviser, said the information was in pursuant to the post-listing requirements of the Nigerian Exchange Limited for quoted companies.
Among otherj resolutions adopted at the meeting included:
That pursuant to Article 70(1)of the Articles of Association, the Company be and is hereby authorized to enter into a Shareholder Loan Agreement with Custodian Investment PLC and UAC of Nigeria PLC (the “Majority Shareholders”) for the provision of a shareholder loan required by the Company for the discharge of its outstanding debt obligations;
That in furtherance of the foregoing resolution, the Company be and is hereby authorized to create a charge over such asset(s) of the Company as the Directors may determine, in favour of the Majority Shareholders as security for the shareholder loan;
That the Directors be and are hereby authorized to raise additional capital via the issue of Debt Instruments, Preference shares or Ordinary shares or a combination of any of these options whether by way of Private Placements, Rights to existing Shareholders or Offer for Subscription at a quantum and price upon such other terms and conditions to be determined at the discretion of the Directors and subject to any requisite regulatory approvals; and
That the Directors be and are hereby authorized to do all such acts as the Board may deem necessary or incidental to effecting the above resolutions, including without limitation, entering into the necessary agreements and complying with directives of any regulatory authority.”
