C&I LEASING PLC ANNUAL GENERAL MEETING RESOLUTIONS: KEY OUTCOMES FROM SEPTEMBER 23, 2024
Date of Meeting: September 23, 2024
Location: Virtual
At the Annual General Meeting (AGM) of C&I Leasing PLC held virtually, shareholders proposed and passed several resolutions that will guide the company's operations for the upcoming year. Below are the detailed outcomes of the meeting:
1. Approval of Audited Financial Statements: The shareholders received and accepted the Audited Financial Statements for the year ended December 31, 2023. This includes the reports from the Directors, Independent Auditors, and the Audit Committee.
2. Dividend Declaration: A dividend of 5 kobo per ordinary share was approved for distribution to shareholders. Eligible shareholders must have their names registered in the Register of Members as of the close of business on August 9, 2024.
3. Director Re-elections: Mr. Tom Oko Achoda was re-elected as a Director of the company after retiring by rotation and offering himself for re-election. Mrs. Florence Okoli was also re-elected as a Director under the same conditions.
4. Auditor Remuneration: The Directors were authorized to determine and fix the remuneration for the company’s Auditors for the financial year ending December 31, 2024.
5. Audit Committee Appointments: The appointments of Mr. Omotunde Alao-Olaifa and Mr. Oluyemi Peter AbaoluJohnson as representatives of the Board on the Audit Committee for the year ending December 31, 2024, were approved.
6. Shareholders’ Representatives on Audit Committee: Mr. Sulaiman B. Adenrele, Mr. Fredrick Olufemi Oduyemi, and Mrs. Christie O. Vincent-Uwalaka were elected as shareholders' representatives on the Audit Committee for the year ending December 31, 2024.
7. Managerial Remuneration Adoption: The remuneration of managers, as outlined on page 129 of the annual report, was adopted by the Company.
8. Director Remuneration Approval: Remuneration for Non-Executive Directors was set at Nine Million Naira (₦9,000,000) each, while the Chairman's remuneration was set at Twelve Million Naira (₦12,000,000) for the year ending December 31, 2024.
9. Bonus Share Issuance: The resolution ratifying the issuance of bonus shares declared by the Directors on November 11, 2023, was passed, including the following key points:
Capitalization Authorization: The Directors were authorized to capitalize ₦589,715,389 from the share premium account to issue bonus shares at a ratio of 2 units of ordinary shares of 50 kobo for every 3 shares held by shareholders registered as of the close of business on January 4, 2024. This translates to a total issuance of 1,179,430,778 bonus shares.
Cancellation of Unutilized Shares: The Directors were authorized to cancel 51,423,055 units of unutilized ordinary shares of 50 kobo each with the Corporate Affairs Commission.
Amendment of Issued Share Capital: Post-issue and cancellation, the issued share capital will be updated to reflect 2,948,576,945 ordinary shares of 50 kobo each. Amendment of Memorandum of Association: The amendment to Clause 6 of the Memorandum of Association was approved to reflect the new issued share capital.
10. Authority to Execute Resolutions
The Directors were granted authority to take all necessary legal steps to implement the resolutions passed, including entering into agreements or appointing consultants as needed.
Conclusion: The AGM resulted in several significant resolutions that focus on enhancing shareholder value through dividends and bonus shares, along with reaffirming the management structure through director elections and audit committee appointments. The authorized actions are aimed at positioning C&I Leasing PLC for continued growth and operational effectiveness.
Date of Resolution: September 23, 2024
Date of Meeting: September 23, 2024
Location: Virtual
At the Annual General Meeting (AGM) of C&I Leasing PLC held virtually, shareholders proposed and passed several resolutions that will guide the company's operations for the upcoming year. Below are the detailed outcomes of the meeting:
1. Approval of Audited Financial Statements: The shareholders received and accepted the Audited Financial Statements for the year ended December 31, 2023. This includes the reports from the Directors, Independent Auditors, and the Audit Committee.
2. Dividend Declaration: A dividend of 5 kobo per ordinary share was approved for distribution to shareholders. Eligible shareholders must have their names registered in the Register of Members as of the close of business on August 9, 2024.
3. Director Re-elections: Mr. Tom Oko Achoda was re-elected as a Director of the company after retiring by rotation and offering himself for re-election. Mrs. Florence Okoli was also re-elected as a Director under the same conditions.
4. Auditor Remuneration: The Directors were authorized to determine and fix the remuneration for the company’s Auditors for the financial year ending December 31, 2024.
5. Audit Committee Appointments: The appointments of Mr. Omotunde Alao-Olaifa and Mr. Oluyemi Peter AbaoluJohnson as representatives of the Board on the Audit Committee for the year ending December 31, 2024, were approved.
6. Shareholders’ Representatives on Audit Committee: Mr. Sulaiman B. Adenrele, Mr. Fredrick Olufemi Oduyemi, and Mrs. Christie O. Vincent-Uwalaka were elected as shareholders' representatives on the Audit Committee for the year ending December 31, 2024.
7. Managerial Remuneration Adoption: The remuneration of managers, as outlined on page 129 of the annual report, was adopted by the Company.
8. Director Remuneration Approval: Remuneration for Non-Executive Directors was set at Nine Million Naira (₦9,000,000) each, while the Chairman's remuneration was set at Twelve Million Naira (₦12,000,000) for the year ending December 31, 2024.
9. Bonus Share Issuance: The resolution ratifying the issuance of bonus shares declared by the Directors on November 11, 2023, was passed, including the following key points:
Capitalization Authorization: The Directors were authorized to capitalize ₦589,715,389 from the share premium account to issue bonus shares at a ratio of 2 units of ordinary shares of 50 kobo for every 3 shares held by shareholders registered as of the close of business on January 4, 2024. This translates to a total issuance of 1,179,430,778 bonus shares.
Cancellation of Unutilized Shares: The Directors were authorized to cancel 51,423,055 units of unutilized ordinary shares of 50 kobo each with the Corporate Affairs Commission.
Amendment of Issued Share Capital: Post-issue and cancellation, the issued share capital will be updated to reflect 2,948,576,945 ordinary shares of 50 kobo each. Amendment of Memorandum of Association: The amendment to Clause 6 of the Memorandum of Association was approved to reflect the new issued share capital.
10. Authority to Execute Resolutions
The Directors were granted authority to take all necessary legal steps to implement the resolutions passed, including entering into agreements or appointing consultants as needed.
Conclusion: The AGM resulted in several significant resolutions that focus on enhancing shareholder value through dividends and bonus shares, along with reaffirming the management structure through director elections and audit committee appointments. The authorized actions are aimed at positioning C&I Leasing PLC for continued growth and operational effectiveness.
Date of Resolution: September 23, 2024