Nairametrics| Zenith Bank shareholders have concluded their AGM approving dividend payment of N1.77 per share. They also approved the appointment of a new executive director. However, a notable item that was not considered for approval was the recent plans by the bank to raise additional N100 billion in capital.
According to the press release issued by the company, the request to approve the capital raise did not even get to the agenda of the company as it was yanked off just before the meeting took place. This is likely to be a huge disappointment for the management of the company and particularly the Chairman and founder of the bank, Jim Ovia who is thought to have approved the plan in the first place.
Here is an excerpt of the press release.
- The Audited Accounts for the financial year ended 31st December 2016, the Reports of the Directors, Auditors and Audit Committee.
- The payment of a final dividend of N1.77k per share to be paid on a pro-rata basis to the shareholders holding fully paid ordinary shares registered in the books of the company at the close of business on the 10th day of March, 2017, bringing the total dividend for the financial year ended 31, December 2016 to N2.02k.
- The appointment of Mr Ahmed Umar Shuaib as an Executive Director of the bank. His profile can be found on the website of the bank.
- The amendment of the Agenda of the Meeting, specifically with respect to the withdrawal of items 7(a, b & c), and item 9 of the notice of the AGM, as contained on page 16 of the Annual Report. The Bank had included in the AGM agenda a request for shareholders’ approval to increase the authorized share capital of the Bank to NGN25bn and raise up to NGN100bn of additional capital; now withdrawn.
- As a result, the bank obtained the approval of the Shareholders to withdraw the items related to this matter [i.e. section 7( a, b & c) and 9 of the AGM notice]