Conoil board announces AGM date, recommends N2 per share dividend
Adesola Afolabi was a businessamlive reporter and Head of Financial desk.
The board of directors of Conoil Plc has announced that it would hold the company’s 2017 Annual general meeting (AGM) on 13th July 2018.
The directors at a meeting held 21st May also recommended the payment of a 200 kobo dividend for shareholders’ approval at the AGM.
The proposal sums up to N1.4billion as dividend payout to its shareholders for its last financial year in the face of daunting economic challenges in the country.
The proposed dividend is expected to be ratified by its shareholders at the Company’s next annual general meeting in Uyo, Akwa Ibom State.
As part of its Board resolutions to The Nigerian Stock Exchange, the Company approved that the dividend warrants will be dispatched on July 9, 2018 to members whose names appear in the register of members at the close of business on June 8, 2018.
The Board also approved that the register of members and the transfer books of the Company will be closed from June 11, 2018 to June 15, 2018, both days inclusive to enable the preparation and payment of dividends.
It is on record that the oil marketing giant has a robust dividend payout history which it has maintained over the years; and this has continually endeared it to its teeming shareholders. Between 2012 and 2016, the company has paid a total of N8.4 billion as dividend.
In the opinion of capital market operators, the Company’s consistent dividend payment history has raised the bar of the strategic positioning of Conoil as truly the nation’s marketer of choice.
In a statement, the Company attributed the performance to its sustained culture of financial discipline, prudent and efficient execution of projects and plans, aggressive product development and marketing, supported by cutting-edge customer service delivery.
While assuring that its promise to its shareholders remains maximum value, it reiterated delivery of excellent service and products to its customers.
Other resolutions at the special meeting include the dispatch and mailing of dividend warrants to members whose name appear in the register at the close of business on 14th June 2018.
The company says the register of members and the transfer book of the company will be closed from 18th June 2018 to 22nd June 2018 (both days inclusive) to enable the preparation and payment of dividends.