CB Financial Group received approval from its shareholders for an APO.

Shareholders of NCB Financial Group Limited (NCBFG) approved all three resolutions at its extraordinary general meeting on Tuesday as the financial conglomerate moves to raise billions in new capital to reduce debt and further bolster its capital.

The company can now approach regulators and craft its additional public offering (APO) which will see between 300 to 450 million new ordinary shares be issued in a multibillion-dollar offer in the coming months. Resolution one received 62 votes in favour relative to 19 votes against the proposed capital raise. Resolution two, which gave the directors the authority to execute the offer as needed, received 79 votes in favour and nine against.

“So, the proposed resolutions are intended to enable the company to issue additional shares, so as to further bolster the company’s resilience to pursue growth opportunities. However, the board will exercise its best judgement to do so at quantities and at prices that optimise between the company’s needs, opportunities, as well as minimizing the dilution to shareholders. So, to be clear, we don’t expect to issue all of the authorized shares in one tranche,” said interim NCBFG Chief Executive Officer (CEO