National Wire About Nigerians, Nigerian Business and Other Stories
The board of directors of Custodian and Allied Plc has received the approval of shareholders to raise additional capital that will support the company’s business.
This was one of the major highlight of the resolutions that was passed by shareholders at the company’s 22nd Annual General Meeting in Lagos.
Other resolutions that got shareholders endorsement includes the increase in the authorized share capital of the company from Three Billion Five Hundred Million Naira (N3,500,000,000) to Five Billion Naira (N5,000,000,000) by the creation of additional Three Billion (3,000,000,000) ordinary shares of 50 kobo each ranking pari passu with the existing shares of the company.
The additional capital to be raised is going to be through, issuance of debt instruments, preference shares or ordinary shares or a combination of any of these options whether by way of private placement, rights to existing shareholders, offer for subscriptions or any other staff share scheme at a quautum and price upon such other terms and conditions to be determined at the discretion of the directors and subject to any requisite regulatory approvals.
However, the company sustained its practice of regular payment of dividend to shareholders, in which 18 kobo was paid for the full year ended December 31, 2016, on Wednesday May 3, 2017, same day the company had its yearly meeting with shareholders.
Already the shareholder had been paid an interim dividend of 7 kobo, bringing the total dividend to 25 kobo per share in respect of the result of the 2016 financial year.
On the company future outlook, the chairperson Mrs Omobola Johnson noted that she believe that the worst days are over for the national economy as she is further persuaded that the country will be out of recession by the second quarter of 2017.
While she assured “I am also convinced of our management’s ability to not only sustain their enviable performance but to further improve upon it and maximize returns to all stakeholders in the interesting times that I foresee are upon us”
