UAC Approves 65 Kobo Per Share Dividends to Shareholders

By Tolulope Oke

The United Africa Company of Nigeria (UAC) has approved a dividend of 65 kobo per ordinary share of 50 kobo to be paid, from the Company’s retained earnings to all shareholders.

This was disclosed at the company’s Annual General Meeting, held at the UBA House, Lagos.

A general mandate was granted, authorizing the Company through the directors to engage in repeated business dealings with affiliated individuals or entities until the Company reviews those dealings.

The shareholders who are eligible for cash dividends will be given the option to choose to receive ordinary shares in the company (the “New Ordinary Shares”) instead of cash dividends, and once granted, the New Ordinary Shares will rank equally with the Company’s current ordinary shares.

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Following the aforementioned resolution, the directors have been authorized to allot to shareholders who choose to receive ordinary shares in the Company; that the New Ordinary Shares to be received by Shareholders shall be determined by their Cash Dividend Rights divided by a Reference Share Price, which Reference Share Price shall be the 10-day average (starting on June 8, 2022) of the Company’s closing share price on the floor of Nigerian Exchange Group.

Likewise, clause 6 of the Memorandum of Association and Article 5 of the Articles of Association of the Company be amended as necessary to refer only to the issued shares in the share capital of the Company after all the unissued shares in the share capital of the Company have been cancelled.