The Board of Directors of Flour Mills of Nigeria Plc (NGX: FLOURMILL) is seeking to raise additional capital for the Company to the tune of ₦200,000,000.00 (Two Hundred Billion Naira).
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This will be presented to Shareholders of the Company for approval at its 64th Annual General Meeting (AGM) scheduled for Thursday, 14th November 2024 at 12 noon.
The AGM will hold at Balmoral Convention Center, Federal Palace Hotel, Ahmadu Bellow Way, Victoria Island, Lagos.
According to the notice of the Annual General Meeting seen by Investogist, Shareholders will be transacting the following business:
Ordinary Business:
- To lay the Audited Financial Statements for the year ended 31st March 2024 and the Reports of the Directors, Auditors and Audit Committee thereon.
- Declare a dividend (₦1.80K per ordinary share of 50 kobo each)
- Elect/Re-elect Directors.
- Disclose the remuneration of Managers of Flour Mills of Nigeria Plc.
- Authorize the Directors to fix the remuneration of the Auditors.
- Elect members of the Statutory Audit Committee.
Special Business by Ordinary Resolution:
- To consider and if thought fit, pass the following resolution on renewal of General Mandate for Related Party Transactions as an ordinary resolution of the Company: “That, pursuant to Rule 20.8 of the Rulebook of the Nigerian Exchange Limited 2015: Issuer Rule, a general mandate be and is hereby given authorizing the Company to continue to procure goods and services and engage in other transactions that are necessary for its day to day operations from its related parties on normal commercial terms consistent with the Company’s Transfer Pricing Policy. All transactions falling under this category which were earlier entered into 2024 prior to the date of this meeting are hereby ratified.”Voting by Interested persons: In line with the provisions of Rule 20.8(h) Rules Governing Related Party Transaction of Nigerian Exchange Limited, interested persons have undertaken to ensure that their proxies, representatives, or associates shall abstain from voting on resolution 7 above.
- To approve the remuneration of Directors.
Special Business by Special Resolution:
- To consider and if approved, authorize the Directors to raise additional capital for the Company to the tune of ₦200,000,000.00 (Two Hundred Billion Naira).
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
