The shareholders of Standard Alliance Insurance Plc have approved the conversion of a N12bn debt to equity, a change of name for the firm, and several other key resolutions to strengthen the company

The approvals were given at an Extraordinary General Meeting held virtually, a corporate disclosure filed with the Nigerian Exchange Limited on Friday indicated.

Standard Alliance Insurance, which is on the Delisting Watchlist of the NGX, only just filed its 2020 financial reports this April.

At the EGM, the shareholders approved the conversion of N12bn of debt into ordinary shares.

“That further to the exercise of the powers conferred by Clauses 87 and 88 of the Company’s Articles of Association, in furtherance of which the Directors had obtained N12bn as a convertible loan, and entered into a Convertible Facility Agreement dated 12th December 2024, the Company is hereby authorised to convert into ordinary equity N12bn into ordinary shares.

“That the Directors are hereby authorized to appropriate up to 15,000,000,000 ordinary shares of 50kobo in the capital of the Company as Conversion Shares for the purpose of the conversion of the Convertible Amount of N12bn into equity and allot the same at a price and upon terms and conditions which in their opinion are beneficial to the Company, in full and final discharge of all obligations owed by the Company under and by virtue of the Convertible Facility Agreement.”

Also, the shareholders approved a change of name, subject to regulatory approvals, from Standard Alliance Insurance Plc to Fortis Global Insurance Plc.

Beyond the debt conversion and name change, the EGM saw the approval of several other key resolutions aimed at restructuring and strengthening the company.

These include the appointment of seven directors, reconstruction of existing share capital and corporate restructuring which could include transmuting into a holding company, “whether as a private or public quoted entity, divesting from and or hiving off business units whether as stand-alone companies or subsidiaries, transfer assets, liabilities and undertakings of the Company, business units or parts of it to a holding company or subsidiaries, undertake mergers, acquisitions and or any business combination with other corporate entities as the Directors may deem fit.”