|
Crusader Insurance Declares Dividend
(The Daily Trust (Nigeria) Via Thomson Dialog NewsEdge) Crusader Insurance (Nigeria) Plc has declared an interim dividend of 15kobo per ordinary share of 50 kobo each to be paid to shareholders.
The funds are to be paid after the approval from the National Insurance Commission (NAICOM) and subject to deductions of appropriate withholding tax.
The 15 Kobo interim divi-dend which was recommended by the board of the company was approved by the shareholders at the 37th Annual General Meeting (AGM) of the company last week in Lagos.
The shareholders who attended the meeting also passed a resolution author-izing the directors to increase the Authorized Share Capital of the Company from N4,000,000,000 (four billion Naira) to N5,000,000,000 (five billion Naira) by the creation of an additional 2,000,000,000 (two billion) Ordinary Shares of 50 kobo each ranking in all respects pari-passu with the existing shares of the company.
Crusader shareholders also authorized the directors to issue by way of public offer for subscription or rights issue at a date and upon terms and conditions to be determined by the Directors, a maximum of 3,000,000,000 (three billion) ordinary shares of 50 Kobo each ranking pari-passu with existing shares of the company and at a price to be approved by the board subject to the appropriate regulatory approvals.
The directors were further authorized by the shareho-lders to merge with or acquire the shares, assets, liabilities and undertakings of any financial services company or allied businesses subject to such terms and conditions as may be determined by the board.
Prof. Mosur A. Kenku, Chairman Crusader Insurance Plc, said that the fresh funds would be used to finance the company's business diversification into financial services, real estate and other strategic investments.
Managing Director \CEO Mr. Abidoye Oyelami, in a chat with our correspondent after the meeting thanked the shareholders for supporting the company when it went to the market to source for funds but pleaded with them to support the company in its bid to raise the share capital.
Business Trust recalls that Crusader Insurance under the recent consolidation exercise in the insurance Industry mer-ged with Admiral Insurance Company Limited and acqu-ired Royal Trust Assurance Company Limited, Golden Insurance Company Limited, Refuge Insurance company Limited and Trust & Guar-antee insurance company Limited.
Distributed by AllAfrica Global Media. (allafrica.com)
Copyright 2007 The Daily Trust, Distributed by AllAfrica Global Media , Source: The Financial Times Limited
[ Back To Smart Grid Home's Homepage ]
|