Tantalizers Plc has received shareholder approval to raise N2.5 billion via a hybrid offer and to double its share capital from N2.5 billion to N5 billion. The decisions were ratified at the company’s extraordinary general meeting (EGM) held on April 23 in Lagos.
In a statement on Tuesday, the quick service restaurant chain said the capital raise would be executed through a private placement, public offering, or rights issue—subject to regulatory clearance. Shareholders also approved the creation of five billion additional ordinary shares of 50 kobo each.
As part of the process, shareholders agreed to waive their pre-emptive rights, enabling the board to offer shares to third parties on commercially favorable terms. The board was also authorized to absorb any oversubscription and to amend the company’s Memorandum and Articles of Association to reflect the increased share capital.
In addition to the fundraising, Tantalizers secured shareholder approval to explore strategic restructuring options, including converting into a holding company or merging with other entities in the sector. This could involve mergers, acquisitions, or spin-offs of company divisions, depending on what the board deems most beneficial.
The board has also been empowered to appoint advisers and take all necessary actions to implement these resolutions.
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