WorldStage Newsonline– Royal Exchange Plc, a Nigerian insurer that focuses on life, healthcare and general insurance, financing, asset management, trusteeship and micro finance banking services on Wednesday issued notice at the Nigerian Stock Exchange that its 51st Annual General Meeting will be virtually held at the Operations Office, Royal Exchange Plc, 34/36, Oshodi Apapa Expressway, Charity Busstop, Oshodi, Lagos, on Thursday, September 24, 2020 at 10.00 o’clock in the forenoon.
The notice http://www.nse.com.ng/Financial_NewsDocs/31344_ROYAL_EXCHANGE_PLC.-_NOTICES_OF_ANNUAL_GENERAL_MEETING.pdf signed by Sheila Ezeuko, Company Secretary/GM (Legal Services) said the AGM will be to lay before the meeting, the Consolidated Financial Statements of the Group for the year ended December 31, 2019 together with the Reports of the Directors, the Audit Committee and the Auditors thereon; To re-elect Directors; To authorize the Directors to fix the remuneration of the Auditors; and To elect shareholders as members of the Statutory Audit Committee.
The notice said the directors did not recommend any dividend for the year ended December 31, 2019 while closure of Register of Members and Transfer Books will be closed from 7th September, 2020 to 11th September, 2020, both dates inclusive.
It said Chief A. I. Idigbe, SAN and Mr. Hewett Benson are the directors retiring by rotation. Chief A. I. Idigbe, SAN and Mr. Hewett Benson being eligible offer themselves for re-election.
The insurer had earlier released its unaudited financial statements for the half year ended 30 June 2020 with profit after taxation of N420.076 million a 167% growth from N631.462 million loss in the same period of 2019 https://www.worldstagenews.com/royal-exchange-grows-profit-by-167-to-n420m-in-h1-2020/.
Its unaudited financial statements for the first quarter ended 31 March, 2020 with profit after taxation of N25.412 million a 114% growth from N187.556 million loss in the same period of 2019. Earned income rose by 6% to N3.779 billion from N3.554 billion in Q1 2019.
Royal Exchange was incorporated as a private limited liability Company on December 29, 1969, converted to a public limited liability company on July 15, 1989 and was listed on the Nigerian Stock Exchange on December 3, 1990
