CHAMS Clarifies on the Proposed Dividend and Negative Retained Earnings of Chams Plc 2018 AFS


Thursday, May 16, 2019 05:42PM / NSE

Chams Plc (Chams or the Company) wishes to make the following clarifications with regards to the dividend declared by the Company for the year ended 31 December 2018:

1. Chams Group consists of the parent company, Chams Plc and the subsidiaries; ChamsAccess Ltd, ChamsSwitch Ltd, CardCentre Nig. Ltd.

2. Chams Plc is quoted and listed on the Nigeria Stock Exchange and not the Chams Group.

3. Chams Plc has positive retained earnings of N385 million while Chams Group has a negative retained earnings of N1.9bn as reported in the 2018 Audited Financial Statement.

4. The payment of dividend is being proposed by Chams Plc and not Chams Group.

5. Chams Plc proposed a dividend of 3k per share out of 7k earnings per share (EPS) from the N385 million positive retained earnings as at 31 December 2018.

6. The proposed dividend is in accordance with Section 380 (a) — (c) of the Companies and Allied Matters Act (CAMA) Cap C20 LFN 2004 which states as follows: “Distributable Profits - Subject to the company being able to pay its debts as they fall due, the company may pay dividends out of the following profits-

(a) profits arising from the use of the company's property although it is a wasting asset;

(b) revenue reserves;

(c) realised profit on a fixed asset sold, but where more than one asset is sold, the net realised profit on the assets sold.”

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