Sterling Bank will hold an Extraordinary General Meeting at 11:00 a.m. on Wednesday, February 2, 2011 at the Lagoon Restaurant along Ozumba Mbadiwe Avenue, Victoria Island.
Special Business to be conducted:
To consider, and if thought fit, to pass the following as Special Resolutions subject to regulatory approvals:
1.  “That the Bank shall carry on banking business and operate as a Commercial bank and that the Board of Directors be and is hereby authorized to apply to the Central Bank of Nigeria (“CBN”) for a Commercial Banking License on a National basis”
2.  “That the Directors be and are hereby authorized to submit a Compliance Plan to the Central Bank of Nigeria in furtherance of Resolution 1 above and the Compliance Plan so submitted is hereby approved subject to any modification, variation or amendment that the Central Bank of Nigeria or any other relevant regulator may prescribe and the Directors are hereby empowered to make such variation, amendment and or such other modification as they deem necessary pursuant to the powers conferred on the Board”
3. “That up to N10 billion (Ten Billion Naira Only) or its equivalent in foreign denominated currency(ies) be offered as debenture or other debt instrument by way of a Special/Private Placing to Messrs CardinalStone Partners Limited being a strategic investor at a coupon rate ranging from 10% to 13% for a minimum tenor of seven years and subject to other terms and conditions as the Directors may deem fit and the approval of the regulatory authorities”
4. “That the Directors be and are hereby authorized to take any action required to give effect to these resolutions, including but not limited to entering into agreements, undertakings, assignments, guarantees, arrangements or such other mechanisms with any party or parties in order to implement, finalize and give full effect to the aforesaid resolutions”
A member entitled to attend and vote at the Extra-Ordinary General Meeting is entitled to appoint a proxy to attend in his stead. A proxy form is attached. The Proxy need not be a member of the Company. To be valid, a duly completed and stamped proxy form must be deposited at the office of the Registrars, Sterling Bank Registrars Limited, Akuro House (8th Floor), 24, Campbell Street, Lagos, not later than 48 hours before the fixed time of the meeting.
Justina Lewa
Company Secretary
Sterling Towers
20, Marina

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