Business
Chairman Urges Shareholders To Embrace e-Dividend Policy
The Chairman, Vitafoam Nigeria Plc, Chief Samuel Bolarinde, has advised shareholders to embrace e-dividend policy in order to resolve incidence of unclaimed dividends.
The chairman, who gave the advice at the company’s Annual General Meeting (AGM) in Lagos, expressed worry over the increasing rate of unclaimed dividends by shareholders.
He, therefore, urged the shareholders to take advantage of the policy initiative for payment of dividends.
Bolarinwa said that the company’s unclaimed dividend figure for the financial year ended December 31, 2011, stood at N147.9 million as against N149.1 million in the previous year.
According to him, if the shareholders embrace the e-dividend policy, it would go straight into their individual accounts and the unclaimed dividend figure would be reduced.
He assured the shareholders that the company would continue with its expansion drive, to ensure enhanced returns on their investments.
Bolarinde said that the International Finance Corporation (IFC) had granted a $2.8 million-dollar-loan (N442.4 million) to Vitaform, to open a factory in Sierra Leone.
Speaking on the nation’s economy, the chairman urged the Federal Government to cut the cost of governance in line with the economic realities.
He observed that the country’s cost of governance had remained high, when compared with other nations of the world.
Also speaking, Mr Sunny Nwosu, National Coordinator, Independent Shareholders Association of Nigeria (ISAN), urged the shareholders to claim their dividends regularly.
He said that the nation’s unclaimed dividend figure, put at N41 billion in 2011, was discouraging.
He said that ISAN would continue to enlighten the investing public on the need to reduce the incidences of unclaimed dividends.
The shareholder, however, commended the management of the company for its consistency in payment of dividends.
Reports say that the company posted a turn-over of N13.9 billion in the period under review as against the N10.5 billion, recorded in 2010.
Profit after tax stood at N673.02 million against N526.6 million posted in the previous year.
The company also recommended a dividend payment of N245.7 million, representing 30k per share.
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