… As 70% of shareholders’ dividend remains unclaimed

By Peter Egwuatu

Shareholders of Dangote Cement Plc, have unanimously endorsed the proposed offer by its Board of Directors to buy back 10% of its issued shares in order to make the Company more attractive  in the near term and position it for long term growth.

The leaders of the various shareholders associations at the Extra Ordinary General Meeting, EGM commended its Board for the initiative to buy back its shares even as they demanded for bonus shares given the N2 trillion mark reserves it has recorded in their financial statement for the year 2021. 

The resolutions approved at the meeting by shareholders include: “That the Company be is hereby authorised to undertake a share buy back of up to 10% of its issued shares as of the date of this resolution(excluding any treasure shares in the company’s share capital), on such terms and conditions, in such volumes and at such times as the Board of Directors deems fit, provided that the authority granted herein shall continue to be in force until the Company has acquired up to an aggregate 10% of its issued shares as stated above.

“That unless otherwise required under applicable laws and regulations or directed by the appropriate regulatory authorities, the Company may cancel such number of issued shares repurchased pursuant to the share buy back or otherwise held by the Company in its issued share capital.

“That, the Memorandum and Articles of Association of the Company be amended (as applicable), upon completion of the share buy back, to reflect the Company’s share capital, following the cancellation, (if any) of the shares acquired and/or otherwise held by the Company, among others.”

Briefing shareholders at the meeting, the Group Chairman of Dangote Cement, Alhaji Aliko Danote, said: “ The ability to repurchase issued shares in suitable circumstances is an important part of the Company’s financial management tool, and is in the Company’s and its shareholders’ best interest in the long term.

It would also boost the share earnings and provide cash to the shareholders.

Meanwhile, the Registrar of Dangote Cement Plc, Coronation Registrars Limited has said: ‘That 70% of the shareholders dividend has remained unclaimed.”

The Registrar called on shareholders to come out to regularise the shareholding accounts so that their dividends would be paid.”