Regency Alliance Insurance EGM: Rights Issue & AoA Changes

At an Extraordinary General Meeting held on May 8, 2026, at the Rubby Hall, The Zone Business Hub, Gbagada, Lagos, shareholders of Regency Alliance Insurance Plc (REGALINS) passed a series of special resolutions.

On the rights issue, shareholders approved abridging the offer period from the standard twenty-eight days to ten days, or such other period as may be approved by the relevant regulatory authority, subject to all regulatory approvals under the Companies and Allied Matters Act 2020, the Investment and Securities Act, and rules of the Securities and Exchange Commission and Nigerian Exchange Limited.

Three amendments to the Articles of Association were also approved. First, Articles 28 to 37, covering transfer and transmission of shares, were deleted in their entirety and replaced with a single article declaring shares freely transferable in line with NGX, CSCS, and CAMA 2020 rules. Second, the notice period for General Meetings in Article 47 was increased from seven days to twenty-one clear days. Third, a new paragraph was inserted into the Directors' decision-making provisions, requiring Board decisions to be taken either by majority resolution at a duly convened meeting or by unanimous written resolution. The Board was authorised to register these changes at the Corporate Affairs Commission.