AXA Mansard Insurance Plc is seeking to raise up to N18.3bn through a rights issue, as part of efforts to increase its capital base. The proposal is contained in the notice of the company's 34th Annual General Meeting scheduled to hold virtually on 9 October, 2026. The rights issue will involve the issuance of ordinary shares of N2 each to existing shareholders in proportion to their current holdings.
The final size of the offer, number of new shares, issue price, and other terms of the rights issue will be determined by the board, subject to regulatory approvals. Shareholders will also be asked to authorise the board to increase the company's issued share capital by the number of new shares issued under the rights issue, including any oversubscription that may arise.
The board will be empowered to allot the new shares, file the required returns with the Corporate Affairs Commission, and take other steps necessary to complete the capital raising. Shares not taken up by shareholders during the rights issue period could be offered to existing shareholders who indicate interest in acquiring additional shares, subject to regulatory requirements.
The proposed capital raise is one of the major resolutions to be considered at the AGM, alongside the company's audited financial statements for the year ended 31 December, 2025. Shareholders will also vote on the re-election of three directors retiring by rotation, including Kola Adesina, Gbola Akinola (SAN), and Tope Adeniyi.
The meeting will also consider the appointment of Ernst & Young as external auditors and authorise the board to determine the auditors' remuneration. AXA Mansard is proposing annual remuneration of N2.5m for the chairman and N1.5m each for Independent Non-Executive Directors and other Non-Executive Directors.
The proposed remuneration will apply for the financial year ending 31 December, 2026, and subsequent years until reviewed by the company at an AGM. Shareholders will also elect their representatives on the Statutory Audit Committee and receive disclosure of managers' remuneration.
The company said the AGM would also be streamed live online for shareholders, regulators, and other stakeholders. The proposed N18.3 billion rights issue is subject to approvals from the relevant regulatory authorities. The AGM will consider various resolutions to support the company's growth and compliance with regulatory requirements.
Key points
- AXA Mansard seeks N18.3bn through a rights issue to increase its capital base.
- The rights issue is subject to shareholder and regulatory approvals.
- The AGM will consider various resolutions, including the re-election of directors and appointment of auditors.
