Beta Glass Nigeria Plc has announced a 1 for 5 Bonus shares as approved by its shareholders.
The bonus issue was approved as part of the resolutions passed at its 48th annual general meeting held on 5th July 2022. Beta Glass also approved a dividend of N1.1 per share out of the profits for the full year ended December 31st, 2022.
Bonus Issue declared
The company resolved to pay out bonus issues to the equivalent of N55.5 million out of its retained earnings and will be paid only to shareholders who existed in its register on or before June 10th, 2022.
See excerpt of the board resolution below;
“IT WAS RESOLVED (a) that the Directors be authorized to capitalize the sum of N55,552,444.00 (Fifty–Five Million, Five Hundred and Fifty–Two Thousand and Four Hundred and Forty–four Naira) out of the balance standing to the credit of the retained earnings of the Company as at December 31 2021, and available for distribution, and to appropriate the afore-stated capitalised sum to paying up, in full and at par value one (1) ordinary share at 50 Kobo each for the purpose of issuance of bonus shares to the existing ordinary shareholders of the Company holding five (5) ordinary shares of 50 Kobo each in the share capital of the Company whose names are registered in the Company’s Register of Members at the close of business on June 10 2022; which bonus shares being ordinary shares shall be issued, allotted, credited as fully paid up, and at par in the proportion of One (1) ordinary share of 50 Kobo for every Five (5) ordinary shares of 50 Kobo now held by them, and shall rank parri passe in all respect with the existing ordinary shares of the Company.”
Beta Glass has outstanding shares of 599.97 million units thus a 1 for 5 bonus issue will mean the creation of about 119.8 million news shares.