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Friday, December 20, 2019 / 05:35 PM / NSE / Header Image Credit:
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 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;
1.
That the Audited Financial Statements as at December,
31st 2018, the report of the Directors, the Audit Committee, Auditor's report
be carried;
2.
That Mr. Joseph Ebinum and Chief Charles Oboh are
hereby re-elected as Directors of the Company;
3.
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 29th of October, 2019
4.
That the Auditors; MADU ONYEKWENA & CO. are hereby
re-appointed;
5.
That the Directors are authorized to fix the
remuneration of Auditors;
6.
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nomination to the Audit Committee which was withdrawn and whose withdrawal was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.
As a
result, the following are members of the Audit Committee: Mr. Joseph Ebinum,
Prof. Edward Alikor, Mr. Christian Ugochukwu Nwanma and Sir Enoch Iwueze.
Special Business:
1.
The approval of the remuneration of Directors be
carried
2.
That the authorized share capital of the Company be
increased to 3billion ordinary shares of 50 kobo each
3.
That the Memorandum and Articles of Association be
amended to reflect that the Authorized share capital of the Company is N1.5 Billion
divided into 3 billion ordinary shares of 50 kobo each.
Visit The Initiates
Plc IR Page in Proshare MARKETS
Graph - One Year Share Price Movement
Table: Unaudited Q3 2019 Results
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Passed At Its 20th AGM
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3. The Initiates Plc Announces
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4. INITSPLC Declares N61.43m PAT
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