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 Lawal Morufu's nomination to the Audit Committee which was withdrawn and whose withdrawal was accepted by Shareholders, the Shareholders representatives of the Audit Committee re-elected are: Mr.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.
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.
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Table: Unaudited Q3 2019 Results