Nigerian Breweries Plc is proposing 2.1 billion bonus shares for shareholder approval at an Extraordinary General Meeting (EGM).
At the EGM on Thursday, December 2022, the
Board of Directors of the Company is proposing a bonus issue of one new share for
every four shares held by qualifying Shareholders, that is those on the
Register of Members at the close of business on Tuesday, 6th December 2022.
The Board’s proposed bonus share scheme is
expected to be implemented upon the receipt of the Shareholder’s approval at
the EGM. In view of the Company’s huge Share Premium Account, the Board decided
to reward the company’s shareholders with the bonus share scheme as the best
option to close the gap between the issued and unissued shares as required by
the Corporate Affairs Commission.
Other items proposed by the Board for
shareholders’ approval at the EGM include an increase in the Company’s share
capital to accommodate the bonus shares, a change in that regard in the share
capital clause in the Memorandum of Association, and updates to some provisions
in the Articles of Association to align with the 2020 Companies and Allied
Matters Act.
In furtherance of the Company’s commitment
to continue to deliver value to its Shareholders, an interim dividend of 40 kobo
per ordinary share of 50 kobo each was paid on 1st December 2022 to
Shareholders whose names appeared in the Register of Members of the Company as
at close of business on 23rd November 2022.
Speaking on the bonus issue proposal and
the interim dividend payment, the Company Secretary/Legal Director, Uaboi
Agbebaku explained that both actions clearly demonstrate the commitment of the
Board to continue to reward Shareholders for their investment in the company.