Sterling Bank Plc, Nigeria tier 2 lender is to hold a court order meeting to consider and approve its new Holding Company structure. The bank has mulled the idea of a HoldCo structure several months bank but seems to have finalized its decision to consolidate its business operations into Sterling Finance Holdings. Which is the new name to be adopted by the bank.
According to the release, The new Sterling Finance Holdings will be the parent company for Sterling Bank Limited (A private limited liability company) and Alternative Bank Limited also a private limited liability company. Alternative Bank Limited will therefore be responsible for the bank’s Non-Interest banking business.
“The Bank will transfer all the assets, liabilities and undertakings related to the non-interest banking business to The Alternative Bank Limited” . In accordance with the Scheme of Arrangement, all of the shares held by the Bank and its nominee in The Alternative Bank Limited, together with all rights and liabilities attached to such shares, shall be transferred to HoldCo. The Alternative Bank Limited will be a direct subsidiary of HoldCo” The bank said.
The meeting which will be held on Monday, 19th September 2022 at Shell Hall, MUSON Centre, Onikan Lagos, Nigeria at 10.00 am will however be held by proxy.
“In view of the foregoing, an order of the Court was sought and obtained for the Court-Ordered Meeting to be held by proxy. A proxy may be selected from any of the following individuals (the Selected Proxies):
- Mr. Asue Ighodalo
- Mrs. Tairat Tijani
- Mr. Abubakar Suleiman
- Mrs. Temitayo Adegoke
- Brig. Gen E.E. Ikwue (Rtd)
- Sir. Sunny Nwosu
- Dr. Faruk Umar
- Mr. Mathew Akinlade
- Mrs. Oludewa Thorpe
- Mr. Boniface Okezie
- Mr. Gbenga Idowu
- Mrs. Funke Augustine
- Mr. Ridwan Hamza
- Alhaji Kabiru Tambari
- Mr. Adeleke Adebayo
- Mr. Nona Awoh
“The Selected Proxies are to attend the Meeting and vote on their own behalf as well as on behalf of the shareholders who selected them as proxies. Other shareholders can join the meeting and follow the proceedings online via real-time streaming options which have been provided in this notice. Shareholders who have appointed any of the Selected Proxies and have given the proxy voting instructions can also participate and attend the Meeting online.
“Any Shareholder attending the Court-Ordered Meeting online who has any questions in respect of the Scheme would be able to ask such questions during the Court-Ordered Meeting via the real-time streaming options. Where a shareholder executes a proxy form, without selecting a proxy or indicating how his or her shares should be voted, such proxy form will be deemed to be invalid.
“In the case of joint shareholders, the vote of the senior holder who tenders a vote, whether in person or by proxy, will be accepted to the exclusion of the votes of the other joint holders; and for this purpose, seniority will be determined by the order in which their names stand in the Register of Members of the Bank.
“A Proxy Form would be sent to the registered email address of shareholders, alongside the Scheme document and would also be available online at www.sterling.ng and www.paceregistrars.com.
“It is requested that duly executed Proxy Forms (together with any Power of Attorney or other authority under which it is signed, or a notarised copy of such Power of Attorney or other authority) be lodged at the office of the Registrar of the Bank, as shown on the Proxy Form, not less than 24 hours before the time appointed for the Court-Ordered Meeting.
“Shareholders are encouraged to submit the duly completed Proxy Form on or before 10am on Friday 16th September 2022. A member entitled to attend the Court-Ordered Meeting who does not receive a copy of the Scheme Document within 14 days of the date of this notice can obtain copies of same, free of charge, from the Registrar of the Bank whose office is at Akuro House (8th Floor), 24, Campbell Street, Lagos-Island, Lagos, Nigeria. The Scheme Document would also be available online at www.sterling.ng and www.paceregistrars.com. “