On 6 July, Bank of Valletta plc announced that it will be convening an Extraordinary General Meeting on Thursday 27 July 2017. Shareholders will be asked to consider and approve the following resolutions:
- That the existing Memorandum and Articles of Association of the Company be replaced with a new one. The main changes to the new Memorandum and Articles of Association of the Company are: (i) an increase in the authorised share capital; (ii) authority for the directors to issue shares; (iii) the change in the number of directors on the Board; (iv) the appointment of directors; (v) the introduction of a Nominations and Governance Committee; and (vi) the rotation of directors.
- That, subject to regulatory approval, the Bank’s authorised share capital is increased to €1 billion from €500 million.
- That the aggregate emoluments that may be paid to the Directors of the Company in any financial year shall be increased to a maximum of €450,000.
- That the Board of Directors is authorised and empowered to issue new shares for a period of five years.