Deap Capital Management and Trust Plc has appointed Mr. Jacob Esan as its new Managing Director and Chief Executive Officer as part of the company’s efforts to return to profitability.
Esan’s appointment was based on the consensus of the company’s Board of Directors, which is chaired by Dr. Adelani Oniwinde, a statement by the company said on Monday.
Other members of the board include Muhammad Aliyu who is the Vice-Chairman, William Odudu and Cecilia Maduekwe.
The statement said that prior to Esan’s appointment as MD/CEO, he was the executive director, investment banking and public sector with responsibility for business origination as well as designing and implementing the growth strategy based on the vision of the company.
Deap Capital’s shareholders had earlier this month at an Extra-Ordinary General Meeting in Lagos elected new members for the Board.
The mandate for the Board was to return the company to profitability and the statement explained that as part of plans to achieve the goal, the shareholders had mandated the Board to negotiate with individual creditors and secure agreements for the conversion of non-bank debts to ordinary shares of company at a price to be determined by the directors and agreed with the creditors.
“The directors are also to restructure any part of the existing non-bank debts of the company that the creditors are unwilling to convert into ordinary shares in the company, into restructured deposits to be repaid out of the future cash flow of the company over a maximum period of three years starting from January 2019,” the statement said.
The non-bank debts of the company, which was incorporated in June 2002 and commenced business that same month, stood at N2.46bn as of June 30, 2014, the statement said.
The statement added that the directors were further authorised to initiate and conclude discussions and negotiations with prospective investors to recapitalise the company through the raising of additional equity.
The board was also authorised to raise additional capital when deemed necessary through public offering, special or private placement, rights issue or other methods, through issuance of shares, global depository receipts, convertibles or non-convertibles, medium term notes, bonds and or any other instruments.
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