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Dunlop shareholders reject share reconstruction

Category: Corporate Earnings

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Dunlop shareholders reject share reconstruction

September 05, 2007/ Guardian



Moves by the board of directors of Dunlop Nigeria Plc to reconstruct the shares of the company were opposed at the yearly general meeting held in Lagos, yesterday.


Addressing the shareholders earlier at the meeting, the Chairman, Mr. Dayo Lawuyi, said the reconstruction was necessary to reduce the cost of administrating the shares of the company and therefore informed shareholders that a fresh meeting would be convened to seek their approval for the reconstruction.



His words: \"We thought it wise to reconstruct the shares of the company. We have said the reason for this is to reduce the cost of administering the shares of the company now, which, if not well managed may impact greatly on the return on investment and thus counter the good testimony of the success of the share offer.\"



Responding, the National Coordinator of the Independent Shareholders Association of Nigeria (ISAN), Chief Sunny Nwosu, thanked the board for having respect for shareholders by stopping the aspect of share reconstruction.



Besides, the President of Nigerian Shareholders Solidarity Association (NSSA), Asiwaju Akintunde Asalu, urged the board to ensure that they market the company\'s products more aggressively and reverse the negatives in the accounts in the current financial year.



Corroborating the point raised by Nwosu earlier, Dr. Frank Umar, another shareholder group leader said categorically advised the board to discard the idea of reconstructing the company\'s shares since it would amount to losses for shareholders.



\"Reconstruction would have been a disaster, if you had reconstructed our shares, it would not have gone down will with us. Please don\'t come back to this issue because we will not take it. Until we get return on our investment, do not reconstruct our shares.\"



However, another shareholder, Alhaji Muktar Muktar commended the board and management for running the company well, noting that the management should be given more time to return the company to profitability.



Responding, Lawuyi urged shareholders to support the board and management in the marketing of the company\'s products, adding that the board and management is committed to returning the company to profitability and enhancing return to shareholders. 


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