VITAFOAM Notifies Of Resolutions Passed At Its 58th AGM

Monday, March 23, 2020 / 10:15 PM / NSE / Header Image Credit: Vitafoam Nigeria 

At the 58th Annual General Meeting of Vitafoam Nigeria Plc held on Wednesday 4 March, 2020 at the Sheraton Hotel and Towers, Mobolaji Bank Anthony Way, Ikeja, Lagos, the following resolutions were duly passed:

1.         "That the report of the Directors together with the Audited Financial Statements for the year ended 30" September, 2019 be and are hereby approved."

2.          "That in accordance with the recommendation of the Directors, a dividend of N525,000,000.00 (Five Hundred and Twenty-Five Million Naira Only) be distributed amongst all Shareholders of the Company in the proportion of 0.42kobo per share registered in the name of such Shareholder as at the close of business on the 7^th of February, 2020."

3.             "That the Directors' fee for the 2020 financial year be and is hereby fixed   at N1,850,000 (One Million, Eight Hundred and Fifty Thousand Naira Only) to be shared by all the Non-Executive Directors."

4.               "That the Directors be and are hereby authorized to fix the remuneration of the Auditors."

5.               That the following retiring Directors be and are hereby re-elected Directors:

• Mr. Gerson P. Silva                   -      Non-Executive Director
• Mrs. Adeola Adewakun            -      Non-Executive Director

That the appointment of the following Director be and is hereby approved:

• Mr. Achike Charles Umunna - Non-Executive Director

6.           "That the payment of severance compensation is hereby approved for retiring Directors of the Company at the rate of N2,000,000 (Two Million Naira Only) Per Annum for each completed year of service to the Chairman and N1,500,000 (One Million, Five Hundred Thousand Naira Only) Per Annum for each completed year of service to other Directors payable only in arrears at retirement with effect from the 2019 financial year."

7.        "That the company is hereby authorized to renew recurrent transactions which are of trading nature or those necessary for its day to day operations from related companies in accordance with the Rules of the Nigerian Stock Exchange governing transactions with related parties"

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Table:  Unaudited Q1 2020 Results

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