Dipo Olowookere
By Dipo Olowookere
Shareholders of Prestige Assurance Plc may soon have additional shares of the company issued to them, but few things are yet to be finalised concerning this.
At the 88th board meeting of the firm held on Monday, March 2, 2020, this matter was discussed by those present at the gathering.
According to a disclosure to the Nigerian Stock Exchange (NSE) on Wednesday, March 4, 2020, it was stated that the board agreed to reward shareholders with a bonus issue.
However, the procedure for this, especially the ratio for the issuance, is yet to be concluded as further discussions are expected to be held with financial advisers on how to go about it.
“It was agreed that a bonus issue be declared at a ratio to be determined after consultation with the financial advisers,” the notice released by the company at the exchange today said.
Also, at the meeting, the board considered and approved the audited financial statements of the company for the 2019 fiscal year.
“This is to inform the Nigerian Stock Exchange, our shareholders and the general public that Prestige Assurance Plc held its 88th board meeting on March 2, 2020 at the head office of the company, 19, Ligali Ayorinde Street, Victoria Island, Lagos.
“After consideration of the audited financial statements for the year ended December 31, 2019, the accounts were approved by the board for recommendation to the shareholders,” Prestige Assurance said.
Business Post recalls that this is not the first time Prestige Assurance is giving bonus issue to its shareholders. In 2018, at its Annual General Meeting (AGM), shareholders gave the board the authority to issue bonus shares.
“The directors be and are hereby authorised to issue bonus shares from its premium account in the sum N782.6 million being 41 new shares for every 100 share held, thereby increasing the issued share capital of the company from 1.9 billion to 2.7 billion by issuing 1.6 billion ordinary shares of 50 kobo each to shareholders who are on the Register of Members at a date to be determined,” the resolution, which was passed then at the AGM, read.
