By Dipo Olowookere
Shareholders of Regency Alliance Insurance Plc on Tuesday, June 18, 2019 refused to approve the 3 kobo per share dividend proposed by the board of directors of the company for the year ended December 31, 2018.
This decision to reject the cash dividend proposed by the board for the last financial year was taken by the shareholders at the company’s Annual General Meeting (AGM) held in Lagos.
Business Post reports that at the meeting, when the shareholders were asked to vote to approve the 3 kobo dividend, they expressed to move against it. Instead, they asked the board to return the money into the company’s purse.
Confirming this development, Regency Alliance Insurance, in a disclosure to the Nigerian Stock Exchange (NSE) on Wednesday, June 19, 2019, said, “The shareholders at the meeting did not pass the resolution to pay dividend of 3 kobo per every share at the closure of the register instead the shareholders moved the following motion which was passed by the requisite majority that the total sum, which would have been paid in dividend, should be ploughed back into the company’s general reserve.”
However, at the 25th AGM, the shareholders approved the company’s Audited Financial Statements for the year ended December 31, 2018 together with the reports of the auditors and Audit Committee.
They also approved the re-election of Mr Matt Osayaba Aikhionbare as a Director of the company, while Mr Amos Idowu, Mr Solomon Sunday Akinsanya and Mr Wale Taiwo (SAN) were elected as members of the company’s Audit Committee.
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