BY PETER EGWUATU

Shareholders of R.T Briscoe Nigeria Plc  unanimously endorsed the 10 kobo dividend and a scrip issue of one for five shares recommended by its Board of Directors for the financial year ended December 31, 2011.

The shareholders at the company’s Annual General Meeting (AGM) held last weekend, in Lagos commended the Board for the impressive performance despite the harsh environment it operated upon during the year under review.

The shareholders further lamented on the deplorable condition of infrastructure in the country and called on the company’s chairman to use its influence to notify the government on the need to tackle these inadequacies.

Speaking at the AGM, Alhaji Gbadebo Olatokunbo, said, “We commend your performance, the dividend and bonus shares proposed for shareholders. We still require you to outperform better than this. I advise that a tax consultant be engage for the company so that we can pay appropriate tax to the government as a good corporate citizen.

“To pay tax is a task that must be done. There seems to be some misrepresentation in the figure contained in the annual report. I will also suggest that we look at our generators that we sell; whether it can easily be converted to gas because it is cheaper to use gas than petrol.”

Mr. Michael Cole, a member of Independent Shareholders Association of Nigeria (ISAN), said, “We commend the performance of the company and congratulate it for clocking 55 years. We also commend management for increasing its workforce, thus helping in reducing unemployment.

“We will support the company when it decides to float public offering and advised that strict measures be taking to recover debts owed the company.  We thank the company for publishing the list of unclaimed dividend but advised that their beneficiaries be included in subsequent period.”

Mr. Udoh Edem, another shareholder, said, “Our company has done well considering the challenges it faced during the year under review. I advise the company to consider the issue of International Financial Reporting Standard and make frantic effort towards its adoption. It is better to comply and avoid paying fine to the regulators.

Meanwhile, the Chairman, R.T Briscoe, Mr. Clement Olowokande, commended the shareholders for their support and useful contribution to the growth of the company.

He said, “Various measures had been taken that will begin to bear fruits in the nearest future. The turnover and profit after tax of the company increased by 30 per cent and 42 per cent respectively in 2011 from N15.1billion and N40.3million in 2010 to N19.6 billion and N215 million in 2011.”

He further explained that 95 per cent of the debts owed the company had been recovered as its provisions for doubtful debt declined.

According to him, “In furtherance of the company’s strategic objectives of improving contribution of our non motor business, it increased its shareholdings in Briscoe Property Limited, of which the benefits will begin to manifest in the years ahead. We hope to see improved performance in our next accounting year.”