The Chairman of Chams Plc, Professor Adebayo Akinde, has disclosed that the recent N5billion private placement offer of the company was 300 per cent over subscribed.
Professor Akinde who disclosed this in Lagos on Friday at the Company’s 25th Annual General Meeting stated that the company has successfully put in place structures that can withstand any challenge the industry may present. He emphasized that the vision of the company is to become the leading provider of innovative technologies that will improve quality of life.
Akinde who commended shareholders of the company for their unalloyed support in boosting the performance of the company, added that the over whelming response of shareholders to the offer is a clear testimony to their unwavering confidence in the board and managements of the company and reaffirmed the company’s commitment to creating value for all stakeholders.
Commenting further on the financial performance in the year ended December 31, 2007, Akinde said “ The board of directors is proposing a dividend of N86,103,000.00, translating to a dividend of 5kobo per share. The company posted a turnover of N4.467 billion in 2007 as against N1.095 billion in 2006, representing an increase by 308 per cent. Profit after tax rose by 121 per cent from N361,691 million to N799.316 million. Earning per share stood at N0.46 in 2007 as against N0.21 in 2006″.
Akinde added that Chams has communicated its new vision that will take the company to the next level to all stakeholders of the company in order to ensure a suuccessful buy in. Shareholders of the company had earlier approved the board’s proposal to list the shares of the company on the Nigerian Stock Exchange (NSE).
The shareholders endorsed the board’s proposal to list the company’s shares after its successful private placement offering to raise N5 billion.
The shareholders stated that they were authorising the board to take any actions to list the shares of our company on the NSE as well as to undertake an Initial Public Offering (IPO) on the newly created shares.
They expressed happiness with the success recorded in the private placement exercise where Chams shares were over subscribed.
The shareholders at the meeting also approved that the name of the company be changed from Chams Nigeria Plc to Chams Plc.