Food Concepts Plc
NOTICE OF ANNUAL GENERAL MEETING
NOTICE TO SHAREHOLDERS
NOTICE IS HEREBY GIVEN that the 14th Annual General Meeting of Food Concepts plc will be held at Park Inn by Radisson,Ibrahim Babangida Boulevard,Kuto,Abeokuta,Ogun State on Thursday 22nd October 2015 at 12noon,when there will be transacted the following businesses:
(1) To present the Audited Financial Statements of the Company for the accounting period ended 31st December 2014 and the Reports of the Directors,Auditors and Audit committee thereon;
(2) To re-elect Directors;
(3) To authorize the Directors to determine the remuneration of the Auditors;
(4) To re-elect members of the Audit Commitee.
1.To consider and if thought fit,pass the following as a special resolution:
“That pursuant to section 106 of the CAMA and article 3.3 of the Articles of Association of the Company, the capital of the Company be and is hereby reduced by an amount equal to N1,300,000,000(One Billion,Three Hundred Million) for the return of capital to its shareholders by the reduction of its Share Premium Account;that the Directors be and are hereby authorised to write off assets which are lost,by the reduction of its Share Premium Account;
2. To consider and, if thought fit,to pass the following ordinary resolution:
“That the Directors of the Company be and are hereby authorised to take all actions that are necessary to put the resolution into effect”.
By Order of the Board
Dated the 23rd day of september 2015
2,Ilupeju Bye pass,ilupeju,lagos.
A Member of the Company entitled to attend and vote at the Annual General Meeting is entitled to appoint a proxy to attend and vote instead of him/her.A Proxy need not also be a memeber.A form of proxy is enclosed and if it is to be valid for the purposes of the meeting,it must be completed and deposited at the office of the Registrar, Meristem Registrars Limited,213 Herbert Macaulay Way,Sabo,Yaba,Lagos not less than 48 hours before the time for holding the meeting.
In accordance with section 359(5) of the Companies and Allied Matters Act [Cap C20,Laws of the Federation of Nigeria,2004],a nomination(in writing)by any member or shareholder for appointment to the Audit Committee should reach the Company Secretary at least 21 days before the date of the Annual General Meeting.
08 October 2015
RAK UNITY PETROLEUM PLC
Closure of Register – Year Ended 31 March 2015
Proposed Dividend 30 Kobo per share
Proposed Bonus Nil
Closure Date 21st – 27th October 2015
AGM Date 30th October 2015
Payment Date 2nd November 2015
AGM Venue Ostra Hall Hotel, behind M.K.O. Gardens, Alausa, Lagos
Stockbrokers: Why Nigerian Capital Market Needs Entrepreneurs
The Nigerian Stock Exchange
Stockbrokers in the Nigerian Capital Market have stated that the market is in dire need of entrepreneurs to boost activities and reposition the market for global competitiveness.
The stockbrokers stressed that no capital market can thrive without the participation of entrepreneurs who have the capacity to bring their companies for listing on the stock exchanges.
In a chat with news men to announce their plans for this year’s stockbrokers’ conference, scheduled for Thursday, October 29 and Friday, October 30, in Lagos, the Chairman, Programmes Committee, Mr. Akeem Oyewale said that the theme of this year’s conference: “Entrepreneurship and the Capital Market: Fast Tracking a New Economy for Africa.”
Oyewale explained that this year’s conference, the 19th in the series, would attract over 750 participants from all over the world.
“It has been proven that our annual conference is a platform for articulating issues that would help the government in its policy planning and implementation. Last year’s conference focused on the entertainment industry and many of the key players in that sector have been utilizing the market facilities to expand their businesses. Capital market is not just about listing alone, there are other windows such as the use of debt instruments to raise fund. We are focusing on the entrepreneurs this year as part of our impute towards strengthening the Africa capital markets. We want to promote entrepreneurs because they occupy a pivotal role in the development of a Capital market, ” he said.
Also speaking, the Chairman, Annual Conference Sub-Committee, Mr Wale Agbeyangi explained that participants for this year’s conference had been carefully selected with emphasis on those who are knowledgeable about issues of capital market development.
He stated that the Vice President of the Federal Republic, Professor Yemi Osinbajo is expected to flag off the conference while the Acting President, Chartered Institute of Stockbrokers (CIS) Mr Oluwaseyi Abe would present a welcome address.
Speaking on the roles of entrepreneurs, the Managing Director, Fortress Capital, Mr Yomi Adeyemi explained that Africa has many entrepreneurs that can compete globally. According to him, there is so much that Africans can do on their own.
“We need to promote our entrepreneurs. As the present administration tries to tackle social problems including unemployment, the roles of entrepreneurs become more glaring. We must encourage our entrepreneurs to come and create more businesses and employ people,” he said.
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Reps to probe AMCON’s N5trillion debts:
The House of Representatives is to investigate the huge debt profile of the Assets Management Corporation of Nigeria (AMCON).
It will set up an ad hoc committee, which will also examine whether the acquisition and sale of assets, banks, shares and landed property by AMCON was consistent with due process and extant laws.
The committee will ascertain if the operations of AMCON are devoid of fraud, and determine the losses, if any, suffered by Nigeria as a result.
The committee is to report back to the House within six weeks.
The resolution of the House was sequel to the passage of a motion by a member, Hon. Gabriel Onyenweife who claimed that AMCON had accumulated over $25 billion (about N5trillion) debts as against the mandate of a debt profile of N800 billion as a ceiling, and thus has exceeded its debt ceiling by N4.2trillion.
“The AMCON balance sheet has a shortfall of N3.8 trillion ($19 billion) and that the geometric accumulation of debts by AMCON will no doubt endanger the dwindling national reserves put at $30 billion since the Federal Government is the guarantor of AMCON bonds as enshrined in Section 27 of AMCON Act, 2010,” he said.
The lawmaker said the accumulated debts of AMCON in five years were more than the debts owed by the Federal Government to the Paris Club of creditors in 50 years.
He said: ”Over N2trillion was lost in the not-too-transparent process adopted in the sale of some banks, including Oceanic Bank, Intercontinental Bank, Enterprise Bank, and MainStreet Bank.”
The lawmaker alleged that the disposal of assets, such as shares landed property, plant and equipment acquired by AMCON was shrouded in secrecy.
“Most of the assets disposed were alleged to have been sold to cronies and close associates of the officials of the corporation without recourse to due process or extant laws.
“If these practices of AMCON are not urgently addressed , its negative impact on the banking sector, which is the soul of the Nigerian economy, will not only impact negatively but will also jeopardise its health,” he said.
The motion was passed when the Speaker, Hon. Yakubu Dogara, called for a vote.
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Fed Govt loses N7b to CBN’s forex policy:
The exclusion of some items from foreign exchange (forex) transactions by the Central Bank of Nigeria (CBN) has affected the revenue generation profile of the Nigeria Customs Service (NCS).
The Apapa Area 1 Command of the NCS yesterday, announced a dip in its monthly revenue collection for September. The Command said it collected N23.3 billion as revenue in September, far below the N30.1 billion collected in August, according to a report signed by its Area Controller, Comptroller Eporwei Edike.
The N7billion decline was blamed on the exclusion of some items from foreign exchange transactions by the CBN.
The apex bank in July published a list of items for which forex will no longer be sourced from the banking system.
The list included rice, cement, clothes, textiles, toothpick, poultry products, meat and processed meat, margarine, palm kernel/palm oil and vegetable oils, private airplanes/jets, tinned fish, incense and wooden doors. Others are soaps and cosmetics, tomato/tomato paste, woven fabrics, table ware, kitchen utensils, furniture, plywood boards and panels, wood particle boards and panels, and glassware. Cold rolled steel sheets, galvanised steel sheets, wire mesh and steel nails were also on the list.
Apapa Customs revenue collection showed that N12.6 billion went into the Federation Account in September, comprising import duty, fees and Common External Tariffs (CET).
Under the Non-Federation Account, the command generated N10.7 billion from five per cent Value Added Tax (VAT); seven per cent Port Levy, and 0.5 per cent Economic Community of West African States (ECOWAS) Trade Liberalisation Scheme (ETLS)
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