The board of Geo-Fluids Plc has approved the increase of the authorized share capital of the company from N2.13 billion to N25 billion.
Geo-Fluids currently trades its stock at N6 per unit on the NASD OTC Securities Exchange.
The oilfield services firm is seeking fresh funds as part of its major restructuring plan, the final destination of which is the Nigerian Exchange (NGX) following its delisting from the NASDAQ.
Approval for this was given by the shareholders in the company's Annual General Meeting (AGM) on Monday.
According to a resolution at the meeting, Geo-Fluids will raise up to N22.87 billion through “special placement, private placement, private placement, public offer, rights issue, extraordinary grant of shares and/or any other such means as it may deem appropriate, whether in Nigeria or internationally, on such dates and on such terms and conditions as may be determined by the directors.”
Also at the meeting, shareholders approved the audited financial statements of the organization for the 2012 to 2024 financial years.
They also passed a resolution to allot some of the newly created ordinary shares to Esan to appreciate Esan for reviving geo-fluids.
The share capital will be increased by creating an additional 45.74 billion ordinary shares of 50 kobo each, ranking equal to the existing shares.
Jacob Ason, Chairman of Geo-Fluids, said, “When I took over the leadership of this company on September 1, 2018, Geo-Fluids plc was going through a long and challenging period of receivership. I am pleased to report that the receivership was successfully vacated in 2023.”
He said, “Geo-Fluids plc stands at a new threshold in its history. The receivership is behind us, the governance structure has been restored, and the company is now ready to pursue new and complementary business opportunities with clarity and purpose.”
