The Initiates Plc AGM: Dividend, Share Capital Increase Approved
The Initiates Plc has filed resolutions passed at its 27th Annual General Meeting held on April 30, 2026 in Port Harcourt. The resolutions cover a dividend declaration, a share capital increase, a proposed private placement, board changes, and expansion into Uganda.
At its 27th Annual General Meeting held on April 30, 2026 at Golden Tulip Garden City Port Harcourt Hotel, The Initiates Plc shareholders passed 16 resolutions covering dividend payment, capital raising, board changes, and international investment.
Shareholders approved a total dividend of ₦266,994,465.60, representing 30 kobo per share, payable to members on the register as at April 7, 2026, subject to applicable taxes.
The company's issued share capital was approved for an increase from ₦1,000,000,000 divided into 2,000,000,000 ordinary shares of 50 kobo each, to ₦1,052,500,000 divided into 2,105,000,000 ordinary shares of 50 kobo each, through the creation of 105,000,000 new ordinary shares.
Shareholders authorised the Board to issue up to 102,604,862 ordinary shares via private placement at ₦9.50 per share, subject to regulatory approvals including from the Securities and Exchange Commission.
On board changes, Prof. Edward Alikor and Mr. Joe Ebinum retired as directors, while Mr. Chijioke Mbagwu was appointed and Mr. Christian Ogidi's appointment was ratified as Executive Directors. BBC Professionals was approved as External Auditors. The Board was also authorised to increase investment in The Initiates Uganda Limited.
