Vitafoam Nigeria Plc have got shareholders’ approval for company’s proposal to cancel 1,149, 155,936 unissued ordinary shares of 50 kobos each.
The shareholders approved this during Vitafoam’s Extra-Ordinary General Meeting (EGM), in compliance with a recent adjustment to the law regulating companies in the country.
The Company Chairman, Dr Bamidele Makanjuola at the Extra-Ordinary General Meeting stated thus:
“After a careful evaluation of the various options, the Board decided that cancellation of the unissued shares is in the best interest of the company at present as there is no basis to issue shares. It is based on the foregoing that this Extra-Ordinary General Meeting was convened to seek your approval to cancel all the company’s unissued shares in compliance with the provisions of section 124 of the Companies and Allied Matters Act (CAMA 2020) and the Companies Regulation 2021 and to also amend some provisions of the Memorandum and Articles of Association of the company accordingly.”