Austin Laz & Company PLC Approves ₦2.1bn Capital Raise
Austin Laz and Company PLC held an Extra-Ordinary General Meeting on June 18, 2026, at which shareholders passed eight resolutions authorising a capital raise of up to ₦2,100,000,000. The filing, issued from Benin on June 23, 2026, outlines the scope of authority granted to the Board of Directors to execute the transaction.
Austin Laz and Company PLC (AUSTINLAZ) has disclosed resolutions passed at an Extra-Ordinary General Meeting held virtually on June 18, 2026. Shareholders authorised the company to raise additional capital of up to ₦2,100,000,000 through a Private Placement, Business Combination, Merger, or a Hybrid of these methods.
New shares are to be issued from the company's existing unissued authorised share capital and will rank pari passu with current ordinary shares. The Board is authorised to allot shares at a price of ₦5.00 per share, or at such other price as the Board may determine, to one or more investors in tranches and on terms the Board shall set.
The Board was further authorised to appoint professional parties, execute all necessary legal documents, and obtain regulatory approvals from the Securities and Exchange Commission and the Nigerian Exchange Limited. The Company Secretary, Chukwudi A. Ofor of Ifeanyi Ofor & Associates, was directed to effect any required amendments to the company's Memorandum and Articles of Association at the Corporate Affairs Commission to reflect changes in share capital structure. Shareholders also ratified all steps already taken by the Board in connection with the proposed capital raise.
