At the Extra-ordinary General Meeting (EGM) of Champion Breweries Plc held on Thursday July 24, the shareholders authorised among others for the company to raise additional debt capital of up to N45billion directly and/or indirectly by such means as the Board may deem appropriate.

This will be through a special purpose vehicle, issuance of securities comprising convertible and/or non-convertible notes, green bonds, hybrid securities, or a combination of these or any other instruments, in the Nigerian and/or international capital markets.

Subject to obtaining the relevant regulatory approvals, the debt capital raising will either be as a standalone issue(s) or by the establishment of capital raising programme(s), whether by way of public offerings, private placements, and/or other transaction modes.

It will be at price(s), coupon or interest rates determined through book building or any other acceptable valuation method or combination of methods, in such tranches, series or proportions, within such maturity periods and at such dates and upon such terms and conditions as may be determined by the Board.

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Also, the shareholders authorised that the Company should undertake an acquisition transaction whether by way of acquisition of shares of a going concern or through the acquisition of equity interest in a special purpose vehicle that holds intellectual property rights and brand assets, with the intent of securing beneficial ownership and control of the said intellectual property and brand, in furtherance of the Company’s strategic growth objectives.

They also authorised the Board to negotiate, approve, execute, and deliver all necessary agreements and instruments, appoint legal and financial advisers, and take any and all actions deemed necessary, advisable, or incidental to effectuate the proposed acquisition subject to obtaining all required regulatory or other relevant approvals.

The shareholders also authorised that without prejudice to the existing capital raising authorisations obtained at the general meeting of the Company held on December 4, 2024, the Company should issue additional shares of up to 5billion ordinary shares of 50 kobo each in the Nigerian and/or international capital markets.

This is to be done either as a standalone issue(s) or by the establishment of a capital raising programme(s), by way of Public Offerings, Rights Issues and/or other transaction modes, at price(s) determined through book building or any other acceptable valuation method or combination of methods at such dates, and on such terms and conditions as may be determined by the Board subject to obtaining the requisite regulatory approvals.