The Chemic & Allied Products Plc, on Tuesday notified the Nigerian Exchange Limited that at a meeting of its board, on the previous day, the directors approved the audited financial statement for the year ended December 31, 2021, and the proposal of N1.25 dividend per ordinary share of 50 Kobo each for payment to the shareholders, subject to appropriate withholding tax at the Annual General Meeting.
Also at the meeting slated for June 16, 2022, according to the notice jointly filed by Bolarin Okunowo and Ayomipo Wey, Managing Director and Company Secretary respectively, the board will recommend for consideration and approval as special business that shareholders qualified for “the cash dividends be offered a right of election to receive (new) ordinary shares in the company instead of cash dividends.”
Such new Ordinary Shares are to be credited as fully paid; and that such option “shall have been exercised by shareholders on or before June 7, 2022.
Such new ordinary shares “shall be determined by their cash dividend entitlements divided by a Reference Share Price, which Reference Share Price shall be the 10-day average (starting on June 2, 2022) of the Company’s closing share price on the floor of Nigerian Exchange Group.”
Shareholders at the AGM will also be required to authorized the directors to allot to those “who elect to receive ordinary shares in the Company in lieu of cash dividends, such number of New Ordinary Shares as shall be determined by the Directors in the manner set out in resolution (c) above.”
And, “that upon completion of the process for the payment of dividend (including without limitation, the allotment of the New Ordinary Shares to shareholders who elect to receive same); and pursuant to Article 47 of the Articles of Association of the Company and Section 131 of the Companies and Allied Matters Act No. 3 of 2020 (as amended), the company be and is hereby authorised to reduce its share capital by the cancellation of the total number of unissued ordinary shares in the share capital of the Company; subject to obtaining all relevant regulatory approvals and the order of the Federal High Court confirming the reduction of share capital.”
Following the cancellation of all of the unissued shares in the share capital of the company, Clause 6 of the Memorandum of Association and Article 3 of the Articles of Association of the Company shall be amended as necessary to reference only the issued shares in the share capital of the company.
Also, the company announced the appointment of Yomi Adenson and Mrs. Ifeoma Chuks-Adizue, as executive directors from April 1, 2022, subject to ratification of shareholders at the AGM.
A notice to the exchange on Monday described Chuks-Adizue, who assumes the role of ED, Commercial, as “a seasoned commercial professional with in-depth experience in Brand Management, Sales, Media garnered over 17 years’ experience building brands, people and businesses across Africa within global FMCG companies.”
She joined CAP Plc in February 2021 as the Chief Commercial Officer from Cadbury Nigeria, where she was Head of Marketing Cocoa Beverages, responsible for the growth of the business across Nigeria and Ghana as well as leading the Equity and Innovation agenda for the category across Middle East and Africa. Before then, she worked with Procter & Gamble for over 12-years, holding various senior sales and marketing roles. An author, and founder of the Uncommon Woman Movement, an online platform focused on helping career women birth the ‘MORE’ in them whilst growing in their careers and being a positive pillar in their homes, since joining CAP Plc, she has helped to develop and execute strategies for business growth agenda.
Chuks-Adizue, a graduate of Economics from the University of Jos, is a Registered Practitioner of the Advertising Practitioners Council of Nigeria and serves as a Non-Executive Director on the board of FINCA Microfinance Bank Limited.
Adenson, who resumes as ED, Finance and Risk, is an alumnus of the Manchester Business School Leadership Programme, Hub of Finance Transformation and CFO University – USA, on his part, joins the CAP Plc board with a strong accounting background, a Master’s in Business Administration in Finance. He is also a Fellow of the Institute of Chartered Accountant of Nigeria (ICAN), a serving board member of the Taxation and Fiscal Policy of ICAN, and a serving board member of Quality Education for All Students (QEFAS) preparatory school in Nigeria
He joined CAP Plc in June 2021 as Chief Finance Officer with responsibility for the finance and risk management functions from Promasidor Nigeria Limited, where he worked for over 13 years, becoming General Manager – Finance. Before then, he was at May & Baker Nigeria Plc and former Dunlop Nigeria Plc.