Presco Board of Directors Approved Additional Fund Raising, Acquisition of Private Company

The Board of Directors of Presco Plc has approved additional fundraising for the company to acquire the shares of a private company limited that is operating in the same line of business as Presco Plc.

The management of Presco disclosed in a statement signed by Patrick Uwadia, Esq., Company Secretary.

The board passed that in “pursuant to the Memorandum and Articles of the Presco Plc, the Directors are hereby authorised to raise additional capital by the issue of debt instruments including but not limited to commercial papers, bonds, loan stock, redeemable convertible bonds whether by way of private placement or otherwise upon such terms and conditions to be determined at the discretion of the Directors and subjects to any requisite regulatory approvals.”

Thereafter, the board of directors authorised the management of the company to invest and acquire the shares of a private company first mentioned by the company on June 16th, 2021.

“That in accordance with the provision of the Companies and Allied Matters Act 2020 and the Company’s Memorandum and Articles of Association, the Directors and Management of Presco Plc are duly authorised to invest in and acquire the shares of a private company limited by shares in the same line of business as Presco Plc, subject to regulatory approvals.

“That the Directors be authorised to take such steps, and do all acts to such things including the appointment of professional parties and advisers, enter into any agreements/execute documents as may be necessary and required to give effect to the above resolutions.”