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The Board of May & Baker Nigeria Plc will today at the company’s 67th Annual General Meeting (AGM) seek the approval of shareholders to increase the authorised share capital of the Company to N3billion.
If approved by shareholders of the company, the N3billion authorised share capital will be done by creation of 2.200billion ordinary shares of 50 kobo each ranking in all respects pari passu with the existing ordinary shares of the Company.
According to revised notice of the annual general meeting sent to the Nigerian Stock Exchange, the authorised capital raise will form part of the special businesses at the annual general meeting holding at the Muson Centre, Onikan, Lagos.
Also, the Board of May & Baker will be seeking the authority of shareholders to sell or lease as the Board may deem fit any one of the Company’s two properties located at 3/5 Sapara Street, Ikeja, Lagos on the terms and conditions determined by the Board.
The Unaudited Consolidated Financial Statements of May & Baker Nigeria Plc for the first-quarter (Q1) period ended March 31, 2018 show group revenue of N2.375billion, a slight increase from N2.362billion as at March 31, 2017.
The group reported gross profit of N747.368million in Q1’18 from N683.731million in Q1’17. First-quarter 2018 operating profit of the company increased to N321.39million, from N232.817million in Q1’17.
Profit before tax (PBT) increased to N208.762million in Q1’18, from N35.502million in Q1’17; while profit for the Q1’18 period increased to N141.95million from N24.141million in Q1’17.
The share price of May & Baker Nigeria Plc closed Monday at N2.66kobo from a 52-week high of N6.07. Listed on healthcare sector (pharmaceuticals sub-sector) of the Nigerian Stock Exchange main board, May & Baker Nigeria Plc has market capitalisation of N2.606billion and outstanding shares of 980million units.
In the first-quarter to March 31, 2018, the company’s earnings per share (EPS) increased to 14.49kobo from a low of 2.46kobo in Q1’17.
As part of the ordinary business at the company’s annual general meeting, the board of directors will lay before the meeting the financial statements for the year ended December 31, 2017 and the reports of the Directors, Auditors and the Audit Committee thereon. The Board will seek shareholders’ approval to pay declared dividend on Monday June 4, 2018 to the shareholders whose names appear in the Register of Members at the close of business on Friday April 20, 2018; and to re-elect directors.
The company said in the revised notice of the annual general meeting sent to the NSE that “Special notice has been received by the Company that it is intended at the meeting to propose the following resolution as an ordinary resolution namely: That T.Y. Danjuma be re-elected a Director of the Company pursuant to Section 256 of the Companies and Allied Matters Act CAP C20 LFN 2004, notwithstanding that he attained the age of seventy (70) years on December 9, 2007.”
Iheanyi Nwachukwu
