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Dangote Sugar Refinery Plc issues notice of 16th AGM

Wednesday, 11 May 2022, 11:42 am
in Business, Companies
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Wema Bank Plc issues notice of AGM, share capital reconstruction among agenda
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Dangote Sugar Refinery Plc has issued a notice of the 16th Annual General Meeting of the company. The “special business” to be transacted at the meeting include the reduction of the company’s authorized share capital by 19%.

The meeting will be held at the Eko Hotel & Suites, Plot 1415, Adetokunbo Ademola Street, Victoria Island Lagos at 11:00am on Wednesday June 15, 2022.

The ordinary businesses to be transacted at the meeting are “To lay before the Meeting the Audited Financial Statements for the year ended December 31, 2021, the Reports of the Directors, Auditors and Statutory Audit Committee thereon and to declare a Dividend,” among others.

If approved, dividend will be payable at the rate of N1.00k per every 50Kobo ordinary share, to shareholders whose names appear in the Register of Members as at the Qualification Date, June 1, 2022.

The notice published on the Nigerian Exchange read in part: 

To consider and if thought fit, pass the following resolution in compliance with 124 & S.868 of the Companies & Allied Matters Act 2020 (GAMA) and Regulation 13 of the Companies Regulations 2021 (as amended):

(a)   “That the Authorised Share Capital of the Company be and is hereby reduced from 15,000,000 ,000 (Fifteen Billion) Ordinary Shares of 50 Koba each to 12,146,878,241 (Twelve Billion, One Hundred and Forty-Six Million, Eight Hundred and Seventy-Eight Thousand, Two Hundred and Forty-One) Ordinary Shares of 50 Koba each by the cancellation of 2,853,121,759 (Two Billion, Eight-Hundred and Fifty-Three Million, One Hundred and Twenty-One Thousand, Seven Hundred and Fifty-Nine) un-issued Ordinary Shares of 50 Kobo each.

“(b) “That Clause 6 of the Company’s Memorandum of Association be and is hereby amended by the adoption of a new clause, which reads as follows:”The Share Capital of the Company is N6,073,439,120.50 (Six Billion, Seventy­ Three Million, Four Hundred and Thirty-Nine Thousand , One Hundred and Twenty Naira and Fifty Koba) divided into 12,146,878,241 (Twelve Billion, One Hundred and Forty-Six Million, Eight Hundred and Seventy-Eight Thousand and Two Hundred and Forty-One) Ordinary Shares of 50 Koba each”

The meeting will be by proxy according to the company. It added that only shareholders who are entitled to attend and vote at the Annual General Meeting can appoint proxies to vote in their stead.

Nominated Proxies

  • AlhajiAliko Dangote (GCON)
  • OlakunleAlake
  • Ms. Bennedikter Molokwu
  • Sir Sunny Nwosu
  • Mr. NornahAwoh
  • Bisi Bakare
  • Dr. Farouk Umar
  • E. 0. Obideyi
  • PatrickAjudua
  • Chief Matthew Akinlade

Dangote Sugar Refinery said that the meeting will be streamed live online to enable shareholders and other stakeholders who will not be attending physically to follow the proceedings . It added that the link for the live streaming of the Meeting will be made available on the Company’s website at www.dangotesugar.com.ng at least 48hours before the meeting.

Ifunanya Ikueze
Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.

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