Longhorn first announced plans to issue the bonus on September 26. PHOTO | FILE
Longhorn plans to capitalise 67 per cent of the Sh130.1 million reserves in a bonus issue.
A notice of an AGM filed on Thursday confirmed the firm will be seeking shareholder approval to increase the share capital to allow creation of 87.75 million new shares at a ratio of three for every two held.
The company first announced plans to issue the bonus on September 26 and approval will see issued shares increase from 58.5 million to 146.25 million.
Shareholders will meet on November 21 to approve the recapitalisation, although the book closure date will be determined after approval by the regulator.
“Subject to the company receiving all regulatory approvals, it is seeking… to capitalise Sh87.75 million being part of the amount standing to the credit of the revenue reserves as at June 30, 2014,” said Longhorn in the notice.
As per the regulatory filings at the beginning of September, Longhorn’s top shareholder is investment firm Centum with a 34.9 per cent stake or 20.42 million shares.
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