INITSPLC Notifies of Resolutions Passed At Its 20th AGM


Monday, October 28, 2019 / 12:56 PM / NSE / Header Image Credit: Initiates Group


At the 20th Annual General Meeting of The Initiates Plc held at Best Premier Hotels & Resorts, Aba Expressway, KM16, Opposite Intels, Port Harcourt, Rivers State held on Friday, 25th October, 2019, all Resolutions set out in the Notice of Annual General Meeting were put to the Shareholders and the following Resolutions were dully passed by the requisite majority; 

That the Audited Financial Statements as at December, 31st 2018, the report of the Directors, the Audit Committee, Auditor's report be carried;

That Mr.Joseph Ebinum and Chief Charles Oboh are hereby re-elected;

That the payment of dividend to Shareholders whose names are in the register of members as at 31st May, 2019 be made immediately i.e. on the 29" of October, 2019

That the Auditors are hereby re-appointed;

That the Directors are authorized to fix the remuneration of Auditors;

That upon the acceptance of Mr.Lawal Morufu's nomination to the Audit Committee which was withdrawn and whose withdrawal was accepted by Shareholders, the Shareholders representatives of the Audit Committee re-elected are: Mr. Christian Ugochukwu Nwanma and Sir Enoch Iwueze.


Special Business:

The approval of the remuneration of Directors be carried

That the authorized share capital of the Company be increased to N3Billion divided into 6billion ordinary shares of NO.50each

That the Memorandum and Articles of Association be amended to reflect that “the Authorized share capital of the Company is N3Billion.


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