Association Enterprises Plc was incorporated on 1st January 1990. Its Memorandum of Association authorised the company to issue 800,000 preference shares of N2.50K each and 600,000 ordinary shares of N2.00K each on 1st February 1990. Association Enterprises Plc offered for subscription to the public 600,000 preference shares of N2.50 K each at par value and 500,000 ordinary shares ofN2.00K at par value. Shareholders subscribed for 500,000 prerence shares and 350,000 ordinary shares paying the required 50K and 70K respectively on application.
On 1st September 1990, all the shares applied for we reallotted and a month after, the required N1.30K and 50K on preference shares and ordinary shares respectively we rereceived. On January 1st 1991, Association Enterprises Plcmade a call for half of the remaining value of both the preferences hares and ordinary shares from the shareholders. Three months after the call, the company has only received N105,000 and N200,000 in respectof preference and ordinary shares respectively.
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